Tec Toy S/A said its third-quarter normalized net income amounted to a loss of 2.28 reais per share, compared with a loss of 4.75 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 9.3 million reais, compared with a loss of 6.3 million reais in the year-earlier period.

The normalized profit margin fell to negative 166.7% from negative 25.8% in the year-earlier period.

Total revenue declined 77.2% on an annual basis to 5.6 million reais from 24.4 million reais, and total operating expenses declined 67.9% on an annual basis to 8.9 million reais from 27.9 million reais.

Reported net income came to a loss of 14.8 million reais, or a loss of 3.65 reais per share, compared to a loss of 10.1 million reais, or a loss of 7.60 reais per share, in the prior-year period.

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