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Biosev swings to profit in fiscal Q3

Biosev S.A. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to 13 Brazilian centavos per share, compared with a loss of 55 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 27.8 million reais, compared with a loss of 113.2 million reais in the year-earlier period.

The normalized profit margin increased to negative 2.9% from negative 11.0% in the year-earlier period.

Total revenue climbed 64.1% on an annual basis to 1.69 billion reais from 1.03 billion reais, and total operating expenses climbed 56.9% from the prior-year period to 1.55 billion reais from 988.2 million reais.

Reported net income totaled 161.9 million reais, or 77 centavos per share, compared to a loss of 86.6 million reais, or a loss of 42 centavos per share, in the year-earlier period.

As of Feb. 11, US$1 was equivalent to 3.97 reais.