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Guararapes Confecçíµes Q1 profit climbs 13.5% YOY

Guararapes Confecções SA said its normalized net income for the first quarter amounted to 1.00 reais per share, an increase of 13.5% from 88 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 62.6 million reais, an increase of 13.5% from 55.2 million reais in the prior-year period.

The normalized profit margin dropped to 5.7% from 6.2% in the year-earlier period.

Total revenue rose 23.1% on an annual basis to 1.10 billion reais from 891.4 million reais, and total operating expenses increased 23.9% year over year to 985.0 million reais from 795.2 million reais.

Reported net income rose 18.9% on an annual basis to 84.9 million reais, or 1.36 reais per share, from 71.4 million reais, or 1.14 reais per share.

As of May 5, US$1 was equivalent to 3.05 reais.