Unicasa Indústria de Móveis SA said its second-quarter normalized net income came to 356,250 reais, a decrease of 89.2% from 3.3 million reais in the year-earlier period.

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

The normalized profit margin dropped to 0.7% from 5.5% in the year-earlier period.

Total revenue fell 20.9% on an annual basis to 47.1 million reais from 59.6 million reais, and total operating expenses decreased 13.5% from the prior-year period to 47.9 million reais from 55.4 million reais.

Reported net income declined 86.6% year over year to 543,000 reais, or 1 centavos per share, from 4.0 million reais, or 6 centavos per share.

As of Aug. 11, US$1 was equivalent to 3.13 reais.