Wetzel SA said its first-quarter normalized net income came to a loss of 2.01 reais per share, compared with a loss of 21 centavos 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 4.1 million reais, compared with a loss of 437,130 reais in the year-earlier period.
The normalized profit margin declined to negative 9.4% from negative 0.8% in the year-earlier period.
Total revenue decreased 18.2% year over year to 44.1 million reais from 53.9 million reais, and total operating expenses decreased 12.7% from the prior-year period to 45.8 million reais from 52.5 million reais.
Reported net income totaled a loss of 7.4 million reais, or a loss of 3.62 reais per share, compared to a loss of 882,000 reais, or a loss of 43 centavos per share, in the prior-year period.
As of May 15, US$1 was equivalent to 2.98 reais.