Mundial SA said its normalized net income for the first quarter came to a loss of 2.25 reais per share, compared with a loss of 6.07 reais per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 5.6 million reais, compared with a loss of 15.0 million reais in the year-earlier period.

The normalized profit margin climbed to negative 6.0% from negative 18.5% in the year-earlier period.

Total revenue grew 15.1% year over year to 93.4 million reais from 81.1 million reais, and total operating expenses climbed 14.6% year over year to 89.2 million reais from 77.8 million reais.

Reported net income came to a loss of 5.6 million reais, or a loss of 2.26 reais per share, compared to a loss of 24.1 million reais, or a loss of 9.73 reais per share, in the prior-year period.

As of May 28, US$1 was equivalent to 3.18 reais.