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Tec Toy Q1 loss widens YOY

Tec Toy S/A said its normalized net income for the first quarter amounted to a loss of 7.95 reais per share, compared with a loss of 1.76 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 12.3 million reais, compared with a loss of 2.3 million reais in the prior-year period.

The normalized profit margin dropped to negative 195.1% from negative 6.9% in the year-earlier period.

Total revenue fell 81.3% on an annual basis to 6.3 million reais from 33.6 million reais, and total operating expenses fell 64.8% year over year to 12.9 million reais from 36.8 million reais.

Reported net income came to a loss of 19.7 million reais, or a loss of 12.73 reais per share, compared to a loss of 3.7 million reais, or a loss of 2.82 reais per share, in the prior-year period.

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