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Via Varejo SA Q1 profit climbs 31.3% YOY

Via Varejo SA said its normalized net income for the first quarter amounted to 18 Brazilian centavos per share, an increase of 31.2% from 14 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 230.6 million reais, a gain of 31.3% from 175.6 million reais in the year-earlier period.

The normalized profit margin increased to 4.3% from 3.2% in the year-earlier period.

Total revenue decreased on an annual basis to 5.39 billion reais from 5.45 billion reais, and total operating expenses decreased from the prior-year period to 4.91 billion reais from 5.00 billion reais.

Reported net income rose 33.5% from the prior-year period to 239.0 million reais, or 18 centavos per share, from 179.0 million reais, or 14 centavos per share.

As of May 7, US$1 was equivalent to 3.05 reais.