Wetzel S.A. said its normalized net income for the full year amounted to a loss of 18.38 reais per share, compared with a loss of 15.97 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 37.8 million reais, compared with a loss of 32.9 million reais in the prior-year period.

The normalized profit margin dropped to negative 24.9% from negative 16.8% in the year-earlier period.

Total revenue declined 22.5% on an annual basis to 151.7 million reais from 195.7 million reais, and total operating expenses decreased 19.2% from the prior-year period to 189.5 million reais from 234.5 million reais.

Reported net income came to a loss of 68.8 million reais, or a loss of 33.44 reais per share, compared to a loss of 41.2 million reais, or a loss of 20.01 reais per share, in the prior-year period.

As of April 15, US$1 was equivalent to 3.53 reais.