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Coteminas Q3 loss widens 30.5% YOY

Companhia de Tecidos Norte de Minas said its third-quarter normalized net income came to a loss of 32 Brazilian centavos per share, compared with a loss of 25 centavos 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 9.8 million reais, compared with a loss of 7.5 million reais in the year-earlier period.

The normalized profit margin declined to negative 1.4% from negative 1.1% in the year-earlier period.

Total revenue rose year over year to 707.8 million reais from 674.9 million reais, and total operating expenses totaled 653.4 million reais, compared with 648.6 million reais in the year-earlier period.

Reported net income totaled a loss of 16.2 million reais, or a loss of 53 centavos per share, compared to a loss of 11.1 million reais, or a loss of 36 centavos per share, in the year-earlier period.

As of Nov. 14, US$1 was equivalent to 3.46 reais.