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Terra Santa Agro Q3 loss widens YOY

Terra Santa Agro SA said its normalized net income for the third quarter amounted to a loss of 3.66 reais per share, compared with a loss of 1.61 reais per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 65.6 million reais, compared with a loss of 28.9 million reais in the prior-year period.

The normalized profit margin fell to negative 51.3% from negative 28.9% in the year-earlier period.

Total revenue grew 26.2% on an annual basis to 126.2 million reais from 99.9 million reais, and total operating expenses rose on an annual basis to 206.9 million reais from 78.1 million reais.

Reported net income came to a loss of 92.1 million reais, or a loss of 5.14 reais per share, compared to a loss of 86.3 million reais, or a loss of 4.82 reais per share, in the year-earlier period.

As of Nov. 10, US$1 was equivalent to 3.38 reais.