Blumar SA said its normalized net income for the third quarter was a loss of $1.8 million, compared with a loss of $219,000 in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to negative 2.4% from negative 0.2% in the year-earlier period.
Total revenue declined 23.3% on an annual basis to $76.4 million from $99.5 million, and total operating expenses decreased 24.6% from the prior-year period to $73.7 million from $97.6 million.
Reported net income totaled a loss of $8.2 million, or a loss of 1 cents per share, compared to income of $4.1 million, or 0 cents per share, in the prior-year period.