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IGB Eletronica Q2 loss widens YOY

IGB Eletronica SA said its normalized net income for the second quarter amounted to a loss of 1.14 reais per share, compared with a loss of 52 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 14.3 million reais, compared with a loss of 6.5 million reais in the year-earlier period.

Total revenue declined 8.9% year over year to 2.1 million reais from 2.3 million reais, and total operating expenses grew from the prior-year period to 4.8 million reais from 1.8 million reais.

Reported net income came to a loss of 22.8 million reais, or a loss of 1.82 reais per share, compared to a loss of 10.4 million reais, or a loss of 83 centavos per share, in the prior-year period.

As of Oct. 7, US$1 was equivalent to 3.22 reais.