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Companhia Tecidos Santanense Q3 loss narrows YOY

Companhia Tecidos Santanense Ltda. said its third-quarter normalized net income amounted to a loss of 4 Brazilian centavos per share, compared with a loss of 19 centavos 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 1.6 million reais, compared with a loss of 7.4 million reais in the year-earlier period.

The normalized profit margin rose to negative 1.7% from negative 9.2% in the year-earlier period.

Total revenue rose 23.0% year over year to 99.2 million reais from 80.6 million reais, and total operating expenses climbed 11.6% on an annual basis to 97.7 million reais from 87.6 million reais.

Reported net income came to a loss of 1.4 million reais, or a loss of 4 centavos per share, compared to a loss of 7.7 million reais, or a loss of 20 centavos per share, in the year-earlier period.

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