Hotéis Othon SA said its first-quarter normalized net income amounted to 6 Brazilian centavos per share, an increase from 1 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 1.1 million reais, a gain from 240,000 reais in the prior-year period.
The normalized profit margin increased to 3.3% from 0.6% in the year-earlier period.
Total revenue decreased on an annual basis to 39.7 million reais from 40.7 million reais, and total operating expenses fell from the prior-year period to 35.3 million reais from 35.9 million reais.
Reported net income decreased 29.2% from the prior-year period to 1.6 million reais, or 9 centavos per share, from 2.2 million reais, or 12 centavos per share.
As of May 13, US$1 was equivalent to 3.01 reais.
