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Vulcabras Azaleia swings to loss in Q4

Vulcabras | azaleia SA said its normalized net income for the fourth quarter amounted to a loss of 7 Brazilian centavos per share, compared with 2 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 a loss of 12.9 million reais, compared with income of 4.3 million reais in the year-earlier period.

Total revenue decreased 25.8% year over year to 239.0 million reais from 322.1 million reais, and total operating expenses declined 20.4% year over year to 228.3 million reais from 286.6 million reais.

Reported net income totaled a loss of 20.5 million reais, or a loss of 11 centavos per share, compared to income of 11.2 million reais, or 6 centavos per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 15 centavos per share, compared with a loss of 20 centavos per share in the prior year.

Normalized net income was a loss of 28.6 million reais, compared with a loss of 37.2 million reais in the prior year.

Full-year total revenue decreased 23.8% year over year to 965.9 million reais from 1.27 billion reais, and total operating expenses declined 24.6% on an annual basis to 915.2 million reais from 1.21 billion reais.

The company said reported net income came to a loss of 60.8 million reais, or a loss of 33 centavos per share, in the full year, compared with a loss of 72.8 million reais, or a loss of 39 centavos per share, the prior year.

As of March 11, US$1 was equivalent to 3.61 reais.