Mangels Industrial SA said its first-quarter normalized net income came to 25 Brazilian centavos per share, a decrease of 41.0% from 43 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 1.5 million reais, a decline of 41.0% from 2.5 million reais in the prior-year period.

The normalized profit margin fell to 1.3% from 2.3% in the year-earlier period.

Total revenue rose 5.2% year over year to 114.4 million reais from 108.7 million reais, and total operating expenses increased 17.7% from the prior-year period to 123.4 million reais from 104.9 million reais.

Reported net income totaled a loss of 21.6 million reais, or a loss of 3.74 reais per share, compared to a loss of 1.2 million reais, or a loss of 20 centavos per share, in the year-earlier period.

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