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Construtora Tenda swings to profit in Q2

Construtora Tenda SA said its normalized net income for the second quarter amounted to 17 Brazilian centavos per share, compared with a loss of 16 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 9.6 million reais, compared with a loss of 8.5 million reais in the prior-year period.

The normalized profit margin rose to 3.9% from negative 4.8% in the year-earlier period.

Total revenue increased 37.4% year over year to 243.1 million reais from 176.9 million reais, and total operating expenses climbed 20.4% year over year to 229.3 million reais from 190.5 million reais.

Reported net income totaled 20.0 million reais, or 36 centavos per share, compared to a loss of 18.0 million reais, or a loss of 33 centavos per share, in the prior-year period.

As of Aug. 7, US$1 was equivalent to 3.51 reais.