Cía. de Fiação e Tecidos Cedro e Cachoeira said its normalized net income for the first quarter was a loss of 27 Brazilian centavos per share, compared with a loss of 12 centavos 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 2.7 million reais, compared with a loss of 1.2 million reais in the year-earlier period.

The normalized profit margin declined to negative 2.6% from negative 0.8% in the year-earlier period.

Total revenue fell 24.1% on an annual basis to 107.3 million reais from 141.4 million reais, and total operating expenses fell 24.9% from the prior-year period to 103.9 million reais from 138.4 million reais.

Reported net income came to a loss of 4.3 million reais, or a loss of 43 centavos per share, compared to a loss of 756,000 reais, or a loss of 8 centavos per share, in the prior-year period.

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