Companhia de Tecidos Norte de Minas said its normalized net income for the first quarter amounted to a loss of 39 Brazilian centavos per share, compared with a loss of 38 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 11.9 million reais, compared with a loss of 11.6 million reais in the prior-year period.

The normalized profit margin climbed to negative 1.9% from negative 1.9% in the year-earlier period.

Total revenue grew 7.6% on an annual basis to 637.6 million reais from 592.8 million reais, and total operating expenses rose 8.3% on an annual basis to 618.1 million reais from 570.6 million reais.

Reported net income came to a loss of 17.2 million reais, or a loss of 56 centavos per share, compared to a loss of 31.3 million reais, or a loss of 1.02 reais per share, in the year-earlier period.

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