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Biosev fiscal Q1 loss narrows YOY

Biosev SA said its normalized net income for the fiscal first quarter ended June 30 was a loss of 8 Brazilian centavos per share, compared with a loss of 78 centavos 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 15.8 million reais, compared with a loss of 154.0 million reais in the year-earlier period.

The normalized profit margin rose to negative 1.7% from negative 14.5% in the year-earlier period.

Total revenue fell 14.5% year over year to 911.1 million reais from 1.07 billion reais, and total operating expenses fell 20.7% on an annual basis to 847.2 million reais from 1.07 billion reais.

Reported net income came to a loss of 148.5 million reais, or a loss of 72 centavos per share, compared to a loss of 325.8 million reais, or a loss of 1.65 reais per share, in the year-earlier period.

As of Aug. 14, US$1 was equivalent to 2.27 reais.