Minerva S.A. said its first-quarter normalized net income was a loss of 2.06 reais per share, compared with the S&P Capital IQ consensus estimate of a loss of 1.13 reais per share.
The per-share result swung to a loss from the prior-year profit of 31 centavos.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 365.8 million reais, compared with income of 49.6 million reais in the prior-year period.
The normalized profit margin fell to negative 17.0% from 3.6% in the year-earlier period.
Total revenue increased 54.2% year over year to 2.16 billion reais from 1.40 billion reais, and total operating expenses grew 55.7% on an annual basis to 1.99 billion reais from 1.28 billion reais.
Reported net income totaled a loss of 587.3 million reais, or a loss of 3.30 reais per share, compared to income of 68.9 million reais, or 43 centavos per share, in the year-earlier period.
As of April 30, US$1 was equivalent to 3.00 reais.
