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Karsten Q3 loss widens 38.1% YOY

Karsten SA said its third-quarter normalized net income was a loss of 2.49 reais per share, compared with a loss of 1.81 reais 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 15.5 million reais, compared with a loss of 11.2 million reais in the year-earlier period.

The normalized profit margin declined to negative 21.0% from negative 19.7% in the year-earlier period.

Total revenue climbed 29.6% year over year to 73.6 million reais from 56.8 million reais, and total operating expenses increased 20.9% on an annual basis to 71.7 million reais from 59.3 million reais.

Reported net income came to a loss of 24.9 million reais, or a loss of 4.01 reais per share, compared to a loss of 18.0 million reais, or a loss of 2.90 reais per share, in the year-earlier period.

As of Nov. 10, US$1 was equivalent to 3.38 reais.