Bicicletas Monark SA said its third-quarter normalized net income amounted to 6.63 reais per share, a decrease of 9.5% from 7.33 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 3.0 million reais, a decline of 11.2% from 3.4 million reais in the prior-year period.

The normalized profit margin climbed to 47.7% from 33.2% in the year-earlier period.

Total revenue fell 38.3% year over year to 6.3 million reais from 10.2 million reais, and total operating expenses declined 25.8% on an annual basis to 6.6 million reais from 8.9 million reais.

Reported net income decreased 10.9% year over year to 3.2 million reais, or 7.03 reais per share, from 3.6 million reais, or 7.75 reais per share.

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