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Cedro Têxtil swings to loss in Q3

Cía. de Fiação e Tecidos Cedro e Cachoeira said its third-quarter normalized net income came to a loss of 17.7 million reais, compared with income of 130 reais in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin was 17.6%.

Total revenue fell 34.5% on an annual basis to 100.5 million reais from 153.3 million reais, and total operating expenses decreased 18.9% year over year to 119.0 million reais from 146.7 million reais.

Reported net income came to a loss of 34.1 million reais, or a loss of 3.41 reais per share, compared to a loss of 356,000 reais, or a loss of 4 centavos per share, in the year-earlier period.

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