Grazziotin S.A. said its third-quarter normalized net income amounted to 32 Brazilian centavos per share, a decrease of 20.1% from 40 centavos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.0 million reais, a decrease of 19.9% from 8.7 million reais in the prior-year period.

The normalized profit margin dropped to 8.0% from 9.3% in the year-earlier period.

Total revenue fell 7.0% on an annual basis to 87.3 million reais from 93.9 million reais, and total operating expenses decreased from the prior-year period to 83.3 million reais from 85.0 million reais.

Reported net income decreased 15.7% year over year to 8.8 million reais, or 40 centavos per share, from 10.5 million reais, or 48 centavos per share.

As of Nov. 10, US$1 was equivalent to 3.80 reais.