Unicasa Indústria de Móveis SA said its first-quarter normalized net income amounted to 4 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 4 centavos per share.

EPS declined 21.5% year over year from 5 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.8 million reais, a decline of 21.5% from 3.5 million reais in the prior-year period.

The normalized profit margin dropped to 6.2% from 7.0% in the year-earlier period.

Total revenue declined 10.9% year over year to 44.9 million reais from 50.3 million reais, and total operating expenses declined 8.4% from the prior-year period to 43.0 million reais from 46.9 million reais.

Reported net income fell 27.9% on an annual basis to 3.6 million reais, or 5 centavos per share, from 5.0 million reais, or 8 centavos per share.

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