São Paulo Turismo SA said its first-quarter normalized net income was a loss of 1.77 reais per share, compared with a loss of 66 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 a loss of 9.1 million reais, compared with a loss of 3.4 million reais in the prior-year period.

The normalized profit margin declined to negative 25.7% from negative 8.5% in the year-earlier period.

Total revenue decreased 11.8% year over year to 35.5 million reais from 40.3 million reais, and total operating expenses rose 29.2% from the prior-year period to 49.8 million reais from 38.5 million reais.

Reported net income came to a loss of 14.6 million reais, or a loss of 2.83 reais per share, compared to a loss of 5.5 million reais, or a loss of 1.05 reais per share, in the prior-year period.

As of July 15, US$1 was equivalent to 3.27 reais.