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CCR SA Q2 profit falls YOY

CCR S.A said its second-quarter normalized net income came to 10 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 11 centavos per share.

EPS fell 29.6% year over year from 15 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 181.2 million reais, a decline of 29.6% from 257.5 million reais in the prior-year period.

The normalized profit margin dropped to 8.8% from 14.4% in the year-earlier period.

Total revenue increased 14.9% year over year to 2.06 billion reais from 1.79 billion reais, and total operating expenses climbed 20.0% on an annual basis to 1.48 billion reais from 1.23 billion reais.

Reported net income fell 33.4% year over year to 183.7 million reais, or 10 centavos per share, from 275.8 million reais, or 16 centavos per share.

As of Aug. 10, US$1 was equivalent to 3.48 reais.