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Cambuci swings to loss in Q1

Cambuci SA said its first-quarter normalized net income amounted to a loss of 1.77 reais per share, compared with 26 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 6.8 million reais, compared with income of 994,500 reais in the prior-year period.

The normalized profit margin fell to negative 9.9% from 1.3% in the year-earlier period.

Total revenue decreased 9.3% year over year to 69.6 million reais from 76.8 million reais, and total operating expenses totaled 63.5 million reais, compared with 62.9 million reais in the prior-year period.

Reported net income came to a loss of 11.6 million reais, or a loss of 3.02 reais per share, compared to income of 1.8 million reais, or 46 centavos per share, in the prior-year period.

As of June 24, US$1 was equivalent to 3.37 reais.