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Construtora Tenda swings to profit in Q1

Construtora Tenda SA said its first-quarter normalized net income came to 25 Brazilian centavos per share, compared with a loss of 29 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 14.1 million reais, compared with a loss of 15.4 million reais in the prior-year period.

The normalized profit margin increased to 7.8% from negative 14.6% in the year-earlier period.

Total revenue increased 69.4% year over year to 179.4 million reais from 106.0 million reais, and total operating expenses increased 21.1% on an annual basis to 158.5 million reais from 130.9 million reais.

Reported net income totaled 11.4 million reais, or 20 centavos per share, compared to a loss of 37.5 million reais, or a loss of 69 centavos per share, in the prior-year period.

As of May 8, US$1 was equivalent to 2.99 reais.