Bicicletas Monark SA said its second-quarter normalized net income amounted to 17.14 reais per share, a gain from 6.05 reais per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.8 million reais, an increase from 2.8 million reais in the prior-year period.

The normalized profit margin rose to 212.3% from 59.3% in the year-earlier period.

Total revenue decreased 20.8% on an annual basis to 3.7 million reais from 4.6 million reais, and total operating expenses fell 41.2% year over year to 3.0 million reais from 5.1 million reais.

Reported net income increased from the prior-year period to 8.6 million reais, or 18.98 reais per share, from 2.9 million reais, or 6.39 reais per share.

As of Aug. 3, US$1 was equivalent to 3.28 reais.