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Hotéis Othon swings to loss in Q1

Hotéis Othon S.A. said its first-quarter normalized net income was a loss of 7 Brazilian centavos per share, compared with 7 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 1.2 million reais, compared with income of 1.3 million reais in the year-earlier period.

The normalized profit margin declined to negative 3.2% from 3.3% in the year-earlier period.

Total revenue fell on an annual basis to 38.8 million reais from 39.7 million reais, and total operating expenses increased on an annual basis to 35.7 million reais from 34.9 million reais.

Reported net income came to a loss of 3.3 million reais, or a loss of 18 centavos per share, compared to income of 1.6 million reais, or 9 centavos per share, in the prior-year period.

As of May 13, US$1 was equivalent to 3.51 reais.