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Technos swings to loss in Q1

Technos S.A. said its first-quarter normalized net income was a loss of 11 Brazilian centavos per share, compared with 2 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 8.4 million reais, compared with income of 1.8 million reais in the prior-year period.

The normalized profit margin fell to negative 11.6% from 2.5% in the year-earlier period.

Total revenue declined year over year to 72.2 million reais from 74.2 million reais, and total operating expenses climbed 10.1% year over year to 81.1 million reais from 73.6 million reais.

Reported net income totaled a loss of 12.2 million reais, or a loss of 16 centavos per share, compared to income of 1.5 million reais, or 2 centavos per share, in the year-earlier period.

As of April 29, US$1 was equivalent to 3.45 reais.