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Coteminas profit holds relatively steady YOY in Q3

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Coteminas profit holds relatively steady YOY in Q3

Companhia de Tecidos Norte de Minas said its third-quarter normalized net income amounted to a loss of 25 Brazilian centavos per share, compared with a loss of 25 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 a loss of 7.5 million reais, compared with a loss of 7.5 million reais in the year-earlier period.

The normalized profit margin rose to negative 1.1% from negative 1.2% in the year-earlier period.

Total revenue increased 5.3% on an annual basis to 674.9 million reais from 640.7 million reais, and total operating expenses climbed 7.2% year over year to 648.6 million reais from 605.2 million reais.

Reported net income came to a loss of 11.1 million reais, or a loss of 36 centavos per share, compared to a loss of 9.1 million reais, or a loss of 30 centavos per share, in the prior-year period.

As of Nov. 17, US$1 was equivalent to 3.80 reais.