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Tec Toy Q1 loss narrows YOY

Tec Toy S/A said its normalized net income for the first quarter came to a loss of 33 Brazilian centavos per share, compared with a loss of 7.95 reais per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.4 million reais, compared with a loss of 12.3 million reais in the prior-year period.

The normalized profit margin rose to negative 95.4% from negative 195.1% in the year-earlier period.

Total revenue decreased 76.2% year over year to 1.5 million reais from 6.3 million reais, and total operating expenses decreased 51.6% on an annual basis to 6.3 million reais from 12.9 million reais.

Reported net income totaled a loss of 2.3 million reais, or a loss of 52 centavos per share, compared to a loss of 19.7 million reais, or a loss of 12.73 reais per share, in the year-earlier period.

As of May 12, US$1 was equivalent to 3.49 reais.