Wetzel S.A. said its second-quarter normalized net income was a loss of 86 Brazilian centavos per share, compared with a loss of 2.96 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 1.8 million reais, compared with a loss of 6.1 million reais in the prior-year period.

The normalized profit margin climbed to negative 4.9% from negative 15.4% in the year-earlier period.

Total revenue fell 8.2% on an annual basis to 36.3 million reais from 39.6 million reais, and total operating expenses decreased 18.1% on an annual basis to 36.6 million reais from 44.7 million reais.

Reported net income totaled a loss of 3.6 million reais, or a loss of 1.77 reais per share, compared to a loss of 9.5 million reais, or a loss of 4.59 reais per share, in the prior-year period.

As of Aug. 11, US$1 was equivalent to 3.13 reais.