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Brasil Agro fiscal Q2 loss widens YOY

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to a loss of 3 Brazilian centavos per share, compared with a loss of 1 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 2.3 million reais, compared with a loss of 880,000 reais in the year-earlier period.

The normalized profit margin fell to negative 8.6% from negative 4.1% in the year-earlier period.

Total revenue increased 24.9% year over year to 26.5 million reais from 21.3 million reais, and total operating expenses fell 8.1% from the prior-year period to 29.2 million reais from 31.7 million reais.

Reported net income came to 1.3 million reais, or 2 centavos per share, compared to 1.2 million reais, or 2 centavos per share, in the prior-year period.

As of Feb. 3, US$1 was equivalent to 3.96 reais.