Karsten SA said its first-quarter normalized net income amounted to a loss of 78 Brazilian centavos per share, compared with a loss of 3.45 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 5.6 million reais, compared with a loss of 5.0 million reais in the year-earlier period.
The normalized profit margin fell to negative 15.1% from negative 6.5% in the year-earlier period.
Total revenue fell 16.4% on an annual basis to 64.0 million reais from 76.6 million reais, and total operating expenses decreased 19.5% from the prior-year period to 58.6 million reais from 72.7 million reais.
Reported net income came to a loss of 7.5 million reais, or a loss of 1.21 reais per share, compared to a loss of 8.0 million reais, or a loss of 5.56 reais per share, in the year-earlier period.
As of May 15, US$1 was equivalent to 2.98 reais.