Natura has posted a net loss of R69.1 million for the first quarter of the year, a far cry from the R119.6 million profit the company posted for the same period in 2015.

Profit was driven down by a non-cash charge caused by an unfavorable exchange rate on a provision to acquire the company’s remaining interest in Aesop. However, Aesop sales doubled, with 43 new stores opened in the last 12 months, suggesting that the investment will prove its worth in the future.

Revenue for the company as a whole was up 2.9 percent, thanks to a 31.8 percent uplift in the company’s LATAM region (Argentina, Chile, Colombia, Mexico and Peru), which tempered the 10 percent loss Natura experienced in its home market, Brazil.

The company also announced a rationalization program, as well as the launch of several new apps to increase efficiency among its consultants in a bid to return to profitability in the Brazilian market.