Positivo Tecnologia SA said its first-quarter normalized net income amounted to a loss of 8 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of a loss of 25 centavos per share.

The per-share result swung to a loss from the prior-year profit of 9 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 6.5 million reais, compared with income of 7.3 million reais in the prior-year period.

The normalized profit margin dropped to negative 1.4% from 1.6% in the year-earlier period.

Total revenue declined 16.9% year over year to 375.6 million reais from 452.0 million reais, and total operating expenses decreased 18.8% on an annual basis to 376.9 million reais from 464.3 million reais.

Reported net income totaled a loss of 10.4 million reais, or a loss of 12 centavos per share, compared to income of 11.5 million reais, or 14 centavos per share, in the prior-year period.

As of May 20, US$1 was equivalent to 3.54 reais.