Teka Tecelagem Kuehnrich S.A. said its normalized net income for the first quarter was a loss of 45.26 reais per share, compared with a loss of 48.41 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 22.8 million reais, compared with a loss of 24.4 million reais in the prior-year period.

The normalized profit margin rose to negative 66.8% from negative 78.1% in the year-earlier period.

Total revenue climbed 9.4% on an annual basis to 34.1 million reais from 31.2 million reais, and total operating expenses declined 6.7% year over year to 39.9 million reais from 42.7 million reais.

Reported net income totaled a loss of 36.8 million reais, or a loss of 73.23 reais per share, compared to a loss of 39.5 million reais, or a loss of 78.51 reais per share, in the prior-year period.

As of May 15, US$1 was equivalent to 2.98 reais.