Grazziotin S.A. said its normalized net income for the second quarter amounted to 79 Brazilian centavos per share, an increase of 36.6% from 58 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 17.4 million reais, a gain of 37.3% from 12.7 million reais in the year-earlier period.

The normalized profit margin rose to 15.7% from 12.0% in the year-earlier period.

Total revenue climbed 12.4% year over year to 118.9 million reais from 105.8 million reais, and total operating expenses climbed 9.0% from the prior-year period to 99.8 million reais from 91.6 million reais.

Reported net income rose 34.7% from the prior-year period to 19.1 million reais, or 87 centavos per share, from 14.2 million reais, or 65 centavos per share.

As of July 29, US$1 was equivalent to 3.23 reais.