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Bombril swings to loss in Q1

Bombril SA said its normalized net income for the first quarter amounted to a loss of 1.29 reais per share, compared with 16 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 69.7 million reais, compared with income of 8.6 million reais in the year-earlier period.

The normalized profit margin dropped to negative 24.5% from 3.3% in the year-earlier period.

Total revenue climbed 8.6% year over year to 284.9 million reais from 262.3 million reais, and total operating expenses rose 14.2% from the prior-year period to 285.0 million reais from 249.5 million reais.

Reported net income came to a loss of 77.9 million reais, or a loss of 1.44 reais per share, compared to income of 9.1 million reais, or 17 centavos per share, in the year-earlier period.

As of May 15, US$1 was equivalent to 2.98 reais.