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Somos Educaçí£o Q3 loss widens 24.3% YOY

Somos Educação SA said its third-quarter normalized net income came to a loss of 8 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of a loss of 4 centavos per share.

The per-share loss widened 24.3% year over year from 6 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 19.7 million reais, compared with a loss of 15.9 million reais in the year-earlier period.

The normalized profit margin declined to negative 7.6% from negative 7.5% in the year-earlier period.

Total revenue grew 46.0% on an annual basis to 307.4 million reais from 210.6 million reais, and total operating expenses climbed 42.1% on an annual basis to 296.8 million reais from 208.9 million reais.

Reported net income came to a loss of 30.3 million reais, or a loss of 12 centavos per share, compared to a loss of 18.7 million reais, or a loss of 7 centavos per share, in the prior-year period.

As of Nov. 13, US$1 was equivalent to 3.82 reais.