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Terra Santa Agro swings to loss in Q1

Terra Santa Agro SA said its first-quarter normalized net income was a loss of 5 Brazilian centavos per share, compared with 2.05 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 849,380 reais, compared with income of 26.5 million reais in the year-earlier period.

The normalized profit margin dropped to negative 0.2% from 9.0% in the year-earlier period.

Total revenue rose 20.9% on an annual basis to 357.9 million reais from 296.0 million reais, and total operating expenses grew 21.6% from the prior-year period to 300.8 million reais from 247.4 million reais.

Reported net income totaled a loss of 1.3 million reais, or a loss of 7 centavos per share, compared to income of 33.2 million reais, or 2.57 reais per share, in the prior-year period.

As of April 29, US$1 was equivalent to 2.94 reais.