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IGB Eletronica Q2 loss narrows YOY

IGB Eletronica SA said its second-quarter normalized net income came to a loss of 52 Brazilian centavos per share, compared with a loss of 67 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 6.5 million reais, compared with a loss of 8.4 million reais in the prior-year period.

The normalized profit margin was 285.6%.

Total revenue increased 13.2% year over year to 2.3 million reais from 2.0 million reais, and total operating expenses decreased 53.3% on an annual basis to 1.8 million reais from 3.7 million reais.

Reported net income totaled a loss of 10.4 million reais, or a loss of 83 centavos per share, compared to a loss of 13.5 million reais, or a loss of 1.08 reais per share, in the year-earlier period.

As of Nov. 20, US$1 was equivalent to 3.71 reais.