Grazziotin SA said its second-quarter normalized net income came to 58 Brazilian centavos per share, a decline of 23.8% from 76 centavos per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 12.7 million reais, a decrease of 23.6% from 16.6 million reais in the year-earlier period.
The normalized profit margin fell to 12.0% from 14.9% in the year-earlier period.
Total revenue fell 5.5% on an annual basis to 105.8 million reais from 112.0 million reais, and total operating expenses came to 91.6 million reais, compared with 90.8 million reais in the year-earlier period.
Reported net income decreased 24.0% year over year to 14.2 million reais, or 65 centavos per share, from 18.6 million reais, or 85 centavos per share.
As of Aug. 7, US$1 was equivalent to 3.51 reais.