São Paulo Turismo SA said its normalized net income for the third quarter came to 11 Brazilian centavos per share, a decrease of 75.6% from 46 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 576,880 reais, a decrease of 75.6% from 2.4 million reais in the prior-year period.

The normalized profit margin fell to 1.4% from 5.1% in the year-earlier period.

Total revenue fell 11.0% on an annual basis to 41.5 million reais from 46.6 million reais, and total operating expenses decreased year over year to 39.4 million reais from 41.4 million reais.

Reported net income totaled a loss of 149,000 reais, or a loss of 3 centavos per share, compared to income of 3.8 million reais, or 73 centavos per share, in the year-earlier period.

As of Nov. 13, US$1 was equivalent to 3.82 reais.