Estácio Participações SA said its first-quarter normalized net income came to 29 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 47 centavos per share.
In the prior-year period, the per-share result came in at a profit of 29 centavos.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 90.4 million reais, an increase of 7.0% from 84.5 million reais in the prior-year period.
The normalized profit margin declined to 14.7% from 15.7% in the year-earlier period.
Total revenue grew 34.2% on an annual basis to 722.3 million reais from 538.2 million reais, and total operating expenses rose 31.9% on an annual basis to 565.1 million reais from 428.3 million reais.
Reported net income rose on an annual basis to 129.3 million reais, or 41 centavos per share, from 127.0 million reais, or 43 centavos per share.
As of May 7, US$1 was equivalent to 3.05 reais.
