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Pettenati swings to loss in fiscal Q2

Pettenati SA - Indústria Têxtil said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, was a loss of 55,900 reais, compared with income of 102,690 reais in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 0.1% from 0.1% in the year-earlier period.

Total revenue grew 24.0% year over year to 111.7 million reais from 90.1 million reais, and total operating expenses rose 21.7% from the prior-year period to 105.9 million reais from 87.0 million reais.

Reported net income came to a loss of 563,200 reais, or a loss of 1 centavos per share, compared to income of 1.0 million reais, or 2 centavos per share, in the year-earlier period.

As of Feb. 12, US$1 was equivalent to 3.98 reais.