Bicicletas Monark SA said its first-quarter normalized net income came to 5.39 reais per share, compared with 5.40 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 2.5 million reais, compared with 2.5 million reais in the year-earlier period.

The normalized profit margin declined to 56.1% from 57.5% in the year-earlier period.

Total revenue grew year over year to 4.4 million reais from 4.3 million reais, and total operating expenses rose 14.0% from the prior-year period to 5.3 million reais from 4.7 million reais.

Reported net income totaled 2.6 million reais, or 5.71 reais per share, compared to 2.6 million reais, or 5.72 reais per share, in the prior-year period.

As of May 11, US$1 was equivalent to 3.46 reais.