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Guararapes Confecçíµes Q2 profit falls YOY

Guararapes Confecções S.A. said its second-quarter normalized net income came to 5 Brazilian centavos per share, a decrease of 94.6% from 87 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 2.9 million reais, a decline of 94.6% from 54.2 million reais in the year-earlier period.

The normalized profit margin declined to 0.3% from 4.1% in the year-earlier period.

Total revenue rose 10.3% year over year to 1.46 billion reais from 1.33 billion reais, and total operating expenses climbed 16.2% year over year to 1.41 billion reais from 1.21 billion reais.

Reported net income decreased 51.4% from the prior-year period to 36.3 million reais, or 58 centavos per share, from 74.6 million reais, or 1.20 reais per share.

As of Aug. 9, US$1 was equivalent to 3.15 reais.