Mundial SA said its first-quarter normalized net income was a loss of 7.56 reais per share, compared with a loss of 2.25 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 18.7 million reais, compared with a loss of 5.6 million reais in the year-earlier period.

The normalized profit margin fell to negative 19.2% from negative 6.0% in the year-earlier period.

Total revenue climbed year over year to 97.8 million reais from 93.4 million reais, and total operating expenses increased 8.9% on an annual basis to 97.1 million reais from 89.2 million reais.

Reported net income totaled a loss of 29.5 million reais, or a loss of 11.89 reais per share, compared to a loss of 5.6 million reais, or a loss of 2.26 reais per share, in the prior-year period.

As of June 27, US$1 was equivalent to 3.40 reais.