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Invermar swings to profit in Q3

Invermar S.A. said its normalized net income for the third quarter amounted to $2.8 million, compared with a loss of $8.2 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to negative 3.7% from negative 49.7% in the year-earlier period.

Total revenue grew 96.5% year over year to $32.4 million from $16.5 million, and total operating expenses fell 6.0% on an annual basis to $27.6 million from $29.4 million.

Reported net income totaled $3.6 million, or 1 cents per share, compared to a loss of $12.4 million, or a loss of 4 cents per share, in the year-earlier period.