Companhia Tecidos Santanense Ltda. said its normalized net income for the first quarter was a loss of 2 Brazilian centavos per share, compared with 5 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 592,500 reais, compared with income of 2.0 million reais in the prior-year period.

The normalized profit margin fell to negative 0.6% from 2.0% in the year-earlier period.

Total revenue fell on an annual basis to 96.6 million reais from 97.6 million reais, and total operating expenses grew on an annual basis to 94.3 million reais from 92.1 million reais.

Reported net income totaled a loss of 543,000 reais, or a loss of 1 centavos per share, compared to income of 2.1 million reais, or 5 centavos per share, in the prior-year period.

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