Guararapes Confecções S.A. said its first-quarter normalized net income was a loss of 8 Brazilian centavos per share, compared with 100 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 5.2 million reais, compared with income of 62.4 million reais in the year-earlier period.

The normalized profit margin declined to negative 0.4% from 5.7% in the year-earlier period.

Total revenue increased 10.6% year over year to 1.21 billion reais from 1.10 billion reais, and total operating expenses climbed 21.6% year over year to 1.20 billion reais from 985.4 million reais.

Reported net income declined 87.0% year over year to 11.1 million reais, or 18 centavos per share, from 84.9 million reais, or 1.36 reais per share.

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