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Cambuci swings to loss in Q3

Cambuci SA said its normalized net income for the third quarter came to a loss of 2.75 reais per share, compared with 75 centavos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 10.6 million reais, compared with income of 2.9 million reais in the prior-year period.

The normalized profit margin dropped to negative 11.2% from 3.8% in the year-earlier period.

Total revenue increased 17.2% on an annual basis to 88.2 million reais from 75.2 million reais, and total operating expenses rose 43.8% year over year to 89.7 million reais from 62.4 million reais.

Reported net income came to a loss of 18.6 million reais, or a loss of 4.82 reais per share, compared to income of 20.6 million reais, or 5.35 reais per share, in the year-earlier period.

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