Ser Educacional S.A. said its normalized net income for the third quarter was 17 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 36 centavos per share.

EPS declined 44.2% year over year from 30 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 21.2 million reais, a decline of 44.3% from 38.1 million reais in the year-earlier period.

The normalized profit margin dropped to 8.8% from 22.3% in the year-earlier period.

Total revenue grew 41.0% on an annual basis to 241.3 million reais from 171.1 million reais, and total operating expenses grew 71.2% from the prior-year period to 191.6 million reais from 111.9 million reais.

Reported net income fell 58.1% on an annual basis to 24.2 million reais, or 19 centavos per share, from 57.7 million reais, or 46 centavos per share.

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