Viver Incorporadora e Construtora SA said its normalized net income for the first quarter came to a loss of 7.19 reais per share, compared with a loss of 7.73 reais per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 24.1 million reais, compared with a loss of 25.9 million reais in the prior-year period.

The normalized profit margin dropped to negative 80.0% from negative 56.2% in the year-earlier period.

Total revenue decreased 34.7% year over year to 30.1 million reais from 46.1 million reais, and total operating expenses fell 19.5% from the prior-year period to 56.4 million reais from 70.1 million reais.

Reported net income came to a loss of 43.8 million reais, or a loss of 13.06 reais per share, compared to a loss of 35.1 million reais, or a loss of 10.48 reais per share, in the year-earlier period.

As of May 15, US$1 was equivalent to 2.98 reais.