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Brazil airline Azul's Q1 profit drops to $35 million

SAO PAULO, May 9 (Reuters) - Brazilian airline Azul SA on Thursday posted net income of 137.7 million reais ($35.06 million) for the first quarter, a 20 percent decrease compared with the same period a year earlier.

Revenues increased 16 percent to 2.5 billion reais but they were offset by higher fuel prices as well as higher personnel costs, which the company said were related to the airline's continued expansion. ($1 = 3.9273 reais) (Reporting by Marcelo Rochabrun)