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IGB Eletronica Q3 loss narrows YOY

IGB Eletronica SA said its third-quarter normalized net income was a loss of 1.04 reais per share, compared with a loss of 1.19 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 13.0 million reais, compared with a loss of 14.9 million reais in the year-earlier period.

Total revenue increased 9.2% on an annual basis to 2.3 million reais from 2.1 million reais, and total operating expenses declined 37.1% on an annual basis to 4.8 million reais from 7.7 million reais.

Reported net income totaled a loss of 20.8 million reais, or a loss of 1.66 reais per share, compared to a loss of 23.9 million reais, or a loss of 1.91 reais per share, in the prior-year period.

As of Nov. 21, US$1 was equivalent to 3.35 reais.