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Tec Toy Q2 loss narrows YOY

Tec Toy S/A said its second-quarter normalized net income amounted to a loss of 15 Brazilian centavos per share, compared with a loss of 86 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 806,250 reais, compared with a loss of 3.0 million reais in the prior-year period.

The normalized profit margin rose to negative 42.5% from negative 144.6% in the year-earlier period.

Total revenue declined 7.8% on an annual basis to 1.9 million reais from 2.1 million reais, and total operating expenses declined 20.3% on an annual basis to 6.1 million reais from 7.6 million reais.

Reported net income came to a loss of 1.3 million reais, or a loss of 24 centavos per share, compared to a loss of 4.8 million reais, or a loss of 1.38 reais per share, in the prior-year period.

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