Wetzel S.A. said its normalized net income for the first quarter amounted to a loss of 2.99 reais per share, compared with a loss of 2.01 reais 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 6.1 million reais, compared with a loss of 4.1 million reais in the prior-year period.

The normalized profit margin fell to negative 19.8% from negative 9.4% in the year-earlier period.

Total revenue declined 29.5% on an annual basis to 31.1 million reais from 44.1 million reais, and total operating expenses declined 19.6% year over year to 36.8 million reais from 45.8 million reais.

Reported net income totaled a loss of 11.3 million reais, or a loss of 5.50 reais per share, compared to a loss of 7.4 million reais, or a loss of 3.62 reais per share, in the year-earlier period.

As of May 16, US$1 was equivalent to 3.50 reais.