International Meal Co. Alimentação SA said its first-quarter normalized net income amounted to a loss of 1 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of a loss of 4 centavos per share.

The per-share loss narrowed 65.9% year over year from 3 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 921,880 reais, compared with a loss of 2.7 million reais in the prior-year period.

The normalized profit margin fell to negative 1.5% from negative 0.7% in the year-earlier period.

Total revenue grew 23.9% on an annual basis to 454.7 million reais from 367.0 million reais, and total operating expenses rose 22.0% from the prior-year period to 442.5 million reais from 362.8 million reais.

Reported net income totaled 456,210 reais, or 1 centavos per share, compared to a loss of 8.0 million reais, or a loss of 9 centavos per share, in the prior-year period.

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