Hotéis Othon S.A. said its third-quarter normalized net income came to a loss of 19 Brazilian centavos per share, compared with 8 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 a loss of 3.5 million reais, compared with income of 1.4 million reais in the year-earlier period.

The normalized profit margin declined to negative 10.0% from 3.2% in the year-earlier period.

Total revenue decreased 19.7% year over year to 34.9 million reais from 43.5 million reais, and total operating expenses fell 5.5% from the prior-year period to 33.3 million reais from 35.2 million reais.

Reported net income came to a loss of 4.8 million reais, or a loss of 26 centavos per share, compared to income of 487,000 reais, or 3 centavos per share, in the year-earlier period.

As of Nov. 12, US$1 was equivalent to 3.79 reais.