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Viver Incorporadora e Construtora Q2 loss widens 10.0% YOY

Viver Incorporadora e Construtora S.A. said its normalized net income for the second quarter came to a loss of 13.47 reais per share, compared with a loss of 12.47 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 46.0 million reais, compared with a loss of 41.8 million reais in the prior-year period.

The normalized profit margin declined to negative 197.5% from negative 163.1% in the year-earlier period.

Total revenue decreased 9.2% year over year to 23.3 million reais from 25.6 million reais, and total operating expenses fell 18.5% on an annual basis to 63.5 million reais from 77.9 million reais.

Reported net income came to a loss of 74.0 million reais, or a loss of 21.70 reais per share, compared to a loss of 67.6 million reais, or a loss of 20.15 reais per share, in the prior-year period.

As of Aug. 12, US$1 was equivalent to 3.16 reais.