INCOME STATEMENT
FOR THE YEARS ENDED DECEMBER 31,
( Expressed in thousands of Reais )
	1999	1998
GROSS SALES REVENUE	116.315	87.960
Sales taxes	-23.698	-17.044
NET SALES REVENUE	92.617	70.916
Cost of Products Sold	-67.087	-53.577
GROSS INCOME	25.530	17.339
Selling Expenses	-2.647	-2.365
General and Administrative Expenses	-9.405	-9.163
Other Operating Revenues and Expenses	-361	208
OPERATING INCOME BEFORE FINANCIAL INCOME	13.117	6.019
Financial Income	8.465	9.011
Financial Income Taxes	-956	-415
OPERATING PROFIT - RECURRING ACTIVITIES	20.626	14.615
Provision for contingencies	-3.958	-
Loss on Discontinued Operations	-	-1.178
OPERATING INCOME	16.668	13.437
Non-Operating Income	-610	2.110
PROFIT BEFORE TAXES AND PARTICIPATIONS	16.058	15.547
Income Tax and Social Contribuition	2.235	-1.627
Employees' and Management's Participation	-1.762	-1.612
NET INCOME FOR THE YEAR	16.531	12.308
Net earnings per thousand-share lot - R$	38,55	28,7