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Biosev fiscal Q2 loss widens YOY

Biosev S.A. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 2.33 reais per share, compared with a loss of 1.10 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 a loss of 487.1 million reais, compared with a loss of 226.0 million reais in the year-earlier period.

The normalized profit margin fell to negative 23.3% from negative 20.3% in the year-earlier period.

Total revenue increased 56.6% year over year to 1.74 billion reais from 1.11 billion reais, and total operating expenses increased 41.0% on an annual basis to 1.66 billion reais from 1.18 billion reais.

Reported net income totaled a loss of 219.7 million reais, or a loss of 1.05 reais per share, compared to a loss of 42.4 million reais, or a loss of 21 centavos per share, in the year-earlier period.

As of Nov. 10, US$1 was equivalent to 3.80 reais.