Saraiva SA Livreiros Editores said its normalized net income for the first quarter was 89 Brazilian centavos per share, a decrease of 9.3% from 98 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 23.7 million reais, a decrease of 13.5% from 27.4 million reais in the year-earlier period.

The normalized profit margin declined to 0.8% from 5.3% in the year-earlier period.

Total revenue grew 21.6% on an annual basis to 626.8 million reais from 515.5 million reais, and total operating expenses climbed 24.0% from the prior-year period to 567.9 million reais from 458.1 million reais.

Reported net income declined 31.7% on an annual basis to 25.1 million reais, or 94 centavos per share, from 36.7 million reais, or 1.31 reais per share.

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