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CCR SA profit misses consensus by 20.1% in Q1

CCR S.A said its first-quarter normalized net income came to 12 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 15 centavos per share.

EPS declined 37.7% year over year from 19 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 207.8 million reais, a decrease of 37.7% from 333.8 million reais in the prior-year period.

The normalized profit margin dropped to 11.0% from 21.3% in the year-earlier period.

Total revenue increased 20.2% on an annual basis to 1.88 billion reais from 1.57 billion reais, and total operating expenses climbed 42.3% from the prior-year period to 1.27 billion reais from 895.6 million reais.

Reported net income fell 42.0% from the prior-year period to 198.9 million reais, or 11 centavos per share, from 343.1 million reais, or 19 centavos per share.

As of May 14, US$1 was equivalent to 3.01 reais.