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Adecoagro Q3 profit climbs YOY

Adecoagro SA said its third-quarter normalized net income was 6 cents per share, a gain from 6 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $7.3 million, a gain from $7.1 million in the prior-year period.

The normalized profit margin fell to 1.1% from 3.5% in the year-earlier period.

Total revenue declined 15.9% on an annual basis to $170.5 million from $202.8 million, and total operating expenses decreased 19.4% year over year to $139.6 million from $173.2 million.

Reported net income fell 78.7% year over year to $2.4 million, or 2 cents per share, from $11.4 million, or 9 cents per share.