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Mangels Industrial Q4 profit falls YOY

Mangels Industrial SA said its fourth-quarter normalized net income was 4 Brazilian centavos per share, a decline of 94.9% from 70 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 205,130 reais, a decrease of 94.9% from 4.1 million reais in the prior-year period.

The normalized profit margin dropped to 0.2% from 3.9% in the year-earlier period.

Total revenue decreased 13.2% year over year to 90.6 million reais from 104.4 million reais, and total operating expenses fell 14.9% on an annual basis to 90.9 million reais from 106.9 million reais.

Reported net income totaled a loss of 1.7 million reais, or a loss of 30 centavos per share, compared to a loss of 1.1 million reais, or a loss of 19 centavos per share, in the year-earlier period.

For the year, the company's normalized net income totaled 71 centavos per share, an increase from 23 centavos per share in the prior year.

Normalized net income was 4.1 million reais, a gain from 1.3 million reais in the prior year.

Full-year total revenue fell year over year to 427.5 million reais from 449.9 million reais, and total operating expenses fell 7.3% on an annual basis to 430.8 million reais from 464.5 million reais.

The company said reported net income came to a loss of 51.3 million reais, or a loss of 8.88 reais per share, in the full year, compared with a loss of 15.9 million reais, or a loss of 2.74 reais per share, the prior year.

As of March 30, US$1 was equivalent to 3.60 reais.