GAEC Educação SA said its third-quarter normalized net income was 19 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 43 centavos per share.

EPS decreased 45.2% year over year from 35 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 15.9 million reais, a decline of 44.6% from 28.8 million reais in the year-earlier period.

The normalized profit margin fell to 7.0% from 14.2% in the year-earlier period.

Total revenue rose on an annual basis to 209.4 million reais from 203.1 million reais, and total operating expenses climbed 11.7% on an annual basis to 180.2 million reais from 161.2 million reais.

Reported net income decreased 31.4% on an annual basis to 30.2 million reais, or 36 centavos per share, from 43.9 million reais, or 53 centavos per share.

As of Nov. 9, US$1 was equivalent to 3.80 reais.