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Sí£o Martinho profit misses consensus by 20.5% in fiscal Q1

São Martinho SA said its normalized net income for the fiscal first quarter ended June 30 was 13 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 17 centavos per share.

EPS increased 41.5% year over year from 9 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 44.9 million reais, an increase of 41.8% from 31.6 million reais in the year-earlier period.

The normalized profit margin rose to 11.5% from 8.0% in the year-earlier period.

Total revenue decreased on an annual basis to 378.0 million reais from 396.2 million reais, and total operating expenses decreased 8.6% year over year to 304.8 million reais from 333.4 million reais.

Reported net income increased 74.8% from the prior-year period to 60.7 million reais, or 18 centavos per share, from 34.7 million reais, or 10 centavos per share.

As of Aug. 12, US$1 was equivalent to 2.28 reais.