Bicicletas Monark SA said its normalized net income for the second quarter amounted to 6.05 reais per share, a decline of 6.6% from 6.48 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 2.8 million reais, a decline of 5.6% from 2.9 million reais in the prior-year period.
The normalized profit margin rose to 59.3% from 42.4% in the year-earlier period.
Total revenue fell 32.6% on an annual basis to 4.6 million reais from 6.9 million reais, and total operating expenses decreased 28.7% from the prior-year period to 5.1 million reais from 7.2 million reais.
Reported net income declined 5.9% on an annual basis to 2.9 million reais, or 6.39 reais per share, from 3.1 million reais, or 6.86 reais per share.
As of Aug. 10, US$1 was equivalent to 3.48 reais.