Tupy S.A. said its normalized net income for the first quarter was 11 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 28 centavos per share.

EPS declined 71.7% year over year from 41 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 16.6 million reais, a decline of 71.7% from 58.7 million reais in the year-earlier period.

The normalized profit margin declined to 1.9% from 7.4% in the year-earlier period.

Total revenue increased 9.1% on an annual basis to 859.8 million reais from 788.1 million reais, and total operating expenses increased 12.8% year over year to 814.6 million reais from 722.3 million reais.

Reported net income declined 71.4% year over year to 17.3 million reais, or 12 centavos per share, from 60.6 million reais, or 42 centavos per share.

As of May 11, US$1 was equivalent to 3.46 reais.