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Technos swings to loss in Q2

Technos S.A. said its normalized net income for the second quarter amounted to a loss of 1 Brazilian centavos per share, compared with 13 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 838,750 reais, compared with income of 10.4 million reais in the year-earlier period.

The normalized profit margin dropped to negative 1.4% from 9.9% in the year-earlier period.

Total revenue decreased 11.1% on an annual basis to 92.8 million reais from 104.4 million reais, and total operating expenses increased 5.4% on an annual basis to 90.4 million reais from 85.8 million reais.

Reported net income totaled a loss of 5.3 million reais, or a loss of 7 centavos per share, compared to income of 12.6 million reais, or 16 centavos per share, in the year-earlier period.

As of July 29, US$1 was equivalent to 3.23 reais.