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Wetzel Q3 loss widens YOY

Wetzel S.A. said its third-quarter normalized net income amounted to a loss of 3.61 reais per share, compared with a loss of 1.26 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 7.4 million reais, compared with a loss of 2.6 million reais in the prior-year period.

The normalized profit margin declined to negative 17.9% from negative 5.0% in the year-earlier period.

Total revenue fell 20.5% year over year to 41.6 million reais from 52.3 million reais, and total operating expenses fell 11.7% from the prior-year period to 46.7 million reais from 52.9 million reais.

Reported net income came to a loss of 12.4 million reais, or a loss of 6.03 reais per share, compared to a loss of 4.5 million reais, or a loss of 2.17 reais per share, in the prior-year period.

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