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Ultrapar Q1 profit climbs 50.3% YOY

Ultrapar Participações SA said its first-quarter normalized net income amounted to 62 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 64 centavos per share.

EPS rose 49.4% year over year from 41 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 340.3 million reais, an increase of 50.3% from 226.4 million reais in the prior-year period.

The normalized profit margin rose to 2.0% from 1.4% in the year-earlier period.

Total revenue grew 9.1% year over year to 17.40 billion reais from 15.95 billion reais, and total operating expenses grew 7.8% from the prior-year period to 16.67 billion reais from 15.46 billion reais.

Reported net income rose 55.9% on an annual basis to 384.9 million reais, or 70 centavos per share, from 246.9 million reais, or 45 centavos per share.

As of May 6, US$1 was equivalent to 3.04 reais.