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CVC Viagens profit misses consensus by 31.5% in Q3

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CVC Viagens profit misses consensus by 31.5% in Q3

CVC Brasil Operadora e Agência de Viagens SA said its normalized net income for the third quarter amounted to 32 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 47 centavos per share.

EPS increased 9.0% year over year from 30 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 43.6 million reais, a gain of 10.2% from 39.5 million reais in the prior-year period.

The normalized profit margin dropped to 19.0% from 22.2% in the year-earlier period.

Total revenue increased 29.0% on an annual basis to 229.2 million reais from 177.7 million reais, and total operating expenses grew 40.5% from the prior-year period to 126.7 million reais from 90.1 million reais.

Reported net income grew 13.1% year over year to 43.7 million reais, or 32 centavos per share, from 38.6 million reais, or 29 centavos per share.

As of Nov. 12, US$1 was equivalent to 3.79 reais.