Excelsior Alimentos SA said its normalized net income for the first quarter came to 33 Brazilian centavos per share, a decline of 38.3% from 54 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 1.7 million reais, a decline of 38.3% from 2.8 million reais in the year-earlier period.

The normalized profit margin dropped to 5.9% from 8.5% in the year-earlier period.

Total revenue fell 11.1% on an annual basis to 29.2 million reais from 32.8 million reais, and total operating expenses fell 5.9% year over year to 26.6 million reais from 28.2 million reais.

Reported net income fell 39.8% year over year to 1.7 million reais, or 33 centavos per share, from 2.9 million reais, or 55 centavos per share.

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