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CVC Viagens Q2 profit climbs 28.5% YOY

CVC Brasil Operadora e Agência de Viagens SA said its normalized net income for the second quarter was 8 Brazilian centavos per share, a gain of 26.8% from 7 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 11.3 million reais, a gain of 28.5% from 8.8 million reais in the year-earlier period.

The normalized profit margin increased to 7.6% from 6.7% in the year-earlier period.

Total revenue increased 14.2% on an annual basis to 149.3 million reais from 130.7 million reais, and total operating expenses grew 10.8% from the prior-year period to 105.3 million reais from 95.0 million reais.

Reported net income grew 25.2% year over year to 10.3 million reais, or 8 centavos per share, from 8.2 million reais, or 6 centavos per share.

As of Aug. 7, US$1 was equivalent to 3.51 reais.