Viver Incorporadora e Construtora S.A. said its first-quarter normalized net income was a loss of 14.91 reais per share, compared with a loss of 7.19 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 50.9 million reais, compared with a loss of 24.1 million reais in the year-earlier period.

The normalized profit margin fell to negative 297.8% from negative 80.0% in the year-earlier period.

Total revenue decreased 43.4% on an annual basis to 17.1 million reais from 30.1 million reais, and total operating expenses increased 7.8% from the prior-year period to 60.8 million reais from 56.4 million reais.

Reported net income came to a loss of 89.6 million reais, or a loss of 26.28 reais per share, compared to a loss of 43.8 million reais, or a loss of 13.06 reais per share, in the year-earlier period.

As of May 13, US$1 was equivalent to 3.51 reais.