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Josapar swings to profit in Q1

JOSAPAR Joaquim Oliveira S.A. Participações said its first-quarter normalized net income amounted to 18 Brazilian centavos per share, compared with a loss of 7 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 1.9 million reais, compared with a loss of 729,750 reais in the year-earlier period.

The normalized profit margin increased to 0.9% from negative 0.4% in the year-earlier period.

Total revenue climbed 5.1% year over year to 212.4 million reais from 202.1 million reais, and total operating expenses grew from the prior-year period to 199.0 million reais from 195.6 million reais.

Reported net income totaled 1.6 million reais, or 15 centavos per share, compared to a loss of 1.5 million reais, or a loss of 14 centavos per share, in the prior-year period.

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