São Paulo Turismo SA said its normalized net income for the second quarter came to a loss of 95 Brazilian centavos per share, compared with a loss of 13 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 4.9 million reais, compared with a loss of 655,630 reais in the year-earlier period.

The normalized profit margin dropped to negative 15.1% from negative 1.6% in the year-earlier period.

Total revenue declined 21.0% on an annual basis to 32.4 million reais from 41.0 million reais, and total operating expenses decreased 19.8% on an annual basis to 38.7 million reais from 48.2 million reais.

Reported net income came to a loss of 7.8 million reais, or a loss of 1.51 reais per share, compared to a loss of 1.0 million reais, or a loss of 20 centavos per share, in the year-earlier period.

As of Aug. 12, US$1 was equivalent to 3.16 reais.