Wetzel S.A. said its third-quarter normalized net income came to a loss of 1.73 reais per share, compared with a loss of 3.61 reais 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 3.6 million reais, compared with a loss of 7.4 million reais in the year-earlier period.

The normalized profit margin increased to negative 11.2% from negative 17.9% in the year-earlier period.

Total revenue declined 23.5% on an annual basis to 31.8 million reais from 41.6 million reais, and total operating expenses decreased 29.1% from the prior-year period to 33.1 million reais from 46.7 million reais.

Reported net income totaled a loss of 6.4 million reais, or a loss of 3.11 reais per share, compared to a loss of 12.4 million reais, or a loss of 6.03 reais per share, in the year-earlier period.

As of Nov. 11, US$1 was equivalent to 3.49 reais.