São Paulo Turismo SA said its first-quarter normalized net income came to a loss of 66 Brazilian centavos per share, compared with a loss of 1.57 reais 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 3.4 million reais, compared with a loss of 7.2 million reais in the prior-year period.

The normalized profit margin increased to negative 8.5% from negative 26.6% in the year-earlier period.

Total revenue climbed 38.8% year over year to 37.5 million reais from 27.0 million reais, and total operating expenses grew 12.4% from the prior-year period to 42.1 million reais from 37.4 million reais.

Reported net income came to a loss of 5.5 million reais, or a loss of 1.05 reais per share, compared to a loss of 11.5 million reais, or a loss of 2.51 reais per share, in the year-earlier period.

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