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Springs Global swings to profit in Q1

Springs Global Participações SA said its first-quarter normalized net income amounted to 3 Brazilian centavos per share, compared with a loss of 15 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 1.5 million reais, compared with a loss of 7.6 million reais in the prior-year period.

The normalized profit margin rose to 0.3% from negative 1.5% in the year-earlier period.

Total revenue increased 8.4% on an annual basis to 548.3 million reais from 505.8 million reais, and total operating expenses increased 9.5% year over year to 525.0 million reais from 479.6 million reais.

Reported net income came to 6.7 million reais, or 13 centavos per share, compared to a loss of 21.7 million reais, or a loss of 43 centavos per share, in the year-earlier period.

As of May 13, US$1 was equivalent to 3.01 reais.