Minupar Participações S/A said its normalized net income for the third quarter was a loss of 34 Brazilian centavos per share, compared with 2.54 reais 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 2.4 million reais, compared with income of 18.1 million reais in the year-earlier period.

The normalized profit margin declined to negative 4.4% from 39.0% in the year-earlier period.

Total revenue increased 18.2% on an annual basis to 54.7 million reais from 46.3 million reais, and total operating expenses climbed year over year to 49.5 million reais from 12.2 million reais.

Reported net income came to a loss of 3.8 million reais, or a loss of 54 centavos per share, compared to income of 28.9 million reais, or 4.07 reais per share, in the year-earlier period.

As of Nov. 13, US$1 was equivalent to 3.82 reais.