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Minerva Q3 loss widens YOY

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Minerva Q3 loss widens YOY

Minerva S.A. said its third-quarter normalized net income came to a loss of 1.33 reais per share, compared with the S&P Capital IQ consensus estimate of a loss of 2.89 reais per share.

The per-share loss widened 74.2% year over year from 76 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 255.2 million reais, compared with a loss of 113.7 million reais in the year-earlier period.

The normalized profit margin declined to negative 10.7% from negative 6.3% in the year-earlier period.

Total revenue climbed 32.3% year over year to 2.39 billion reais from 1.81 billion reais, and total operating expenses rose 29.7% on an annual basis to 2.13 billion reais from 1.64 billion reais.

Reported net income came to a loss of 446.6 million reais, or a loss of 2.33 reais per share, compared to a loss of 193.7 million reais, or a loss of 1.30 reais per share, in the prior-year period.

As of Nov. 10, US$1 was equivalent to 3.80 reais.