Grazziotin SA said its first-quarter normalized net income came to 24 Brazilian centavos per share, a decline of 34.2% from 36 centavos per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.2 million reais, a decline of 34.1% from 8.0 million reais in the prior-year period.
The normalized profit margin declined to 6.7% from 10.3% in the year-earlier period.
Total revenue totaled 78.0 million reais, compared with 77.6 million reais in the year-earlier period, and total operating expenses rose 7.2% year over year to 75.7 million reais from 70.6 million reais.
Reported net income declined 33.9% on an annual basis to 6.3 million reais, or 29 centavos per share, from 9.6 million reais, or 44 centavos per share.
As of May 11, US$1 was equivalent to 3.03 reais.
