Fras-le SA said its normalized net income for the first quarter amounted to 10 Brazilian centavos per share, a gain of 25.5% from 8 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 12.4 million reais, a gain of 22.5% from 10.1 million reais in the year-earlier period.

The normalized profit margin rose to 6.1% from 5.3% in the year-earlier period.

Total revenue climbed 5.9% on an annual basis to 203.4 million reais from 192.0 million reais, and total operating expenses rose from the prior-year period to 180.2 million reais from 172.9 million reais.

Reported net income increased 17.1% year over year to 13.9 million reais, or 11 centavos per share, from 11.8 million reais, or 9 centavos per share.

As of May 12, US$1 was equivalent to 3.04 reais.