Bicicletas Monark SA said its normalized net income for the third quarter came to 6.74 reais per share, an increase from 6.63 reais per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.1 million reais, an increase from 3.0 million reais in the prior-year period.

The normalized profit margin increased to 51.9% from 47.7% in the year-earlier period.

Total revenue decreased 6.4% on an annual basis to 5.9 million reais from 6.3 million reais, and total operating expenses decreased on an annual basis to 6.4 million reais from 6.6 million reais.

Reported net income grew year over year to 3.2 million reais, or 7.14 reais per share, from 3.2 million reais, or 7.03 reais per share.

As of Nov. 4, US$1 was equivalent to 3.24 reais.