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Estí¡cio Participaçíµes swings to loss in Q2

Estácio Participações SA said its normalized net income for the second quarter was a loss of 4 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 36 centavos per share.

The per-share result swung to a loss from the prior-year profit of 24 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 11.5 million reais, compared with income of 76.1 million reais in the year-earlier period.

The normalized profit margin dropped to negative 1.4% from 9.8% in the year-earlier period.

Total revenue increased 6.7% on an annual basis to 831.7 million reais from 779.2 million reais, and total operating expenses rose 28.3% year over year to 833.4 million reais from 649.8 million reais.

Reported net income totaled a loss of 20.4 million reais, or a loss of 6 centavos per share, compared to income of 133.3 million reais, or 42 centavos per share, in the year-earlier period.

As of Aug. 12, US$1 was equivalent to 3.16 reais.