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Construtora Tenda swings to profit in Q4

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Construtora Tenda swings to profit in Q4

Construtora Tenda S.A. said its fourth-quarter normalized net income amounted to 124,500 reais, compared with a loss of 9.6 million 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 climbed to 0.1% from negative 6.0% in the year-earlier period.

Total revenue grew 30.6% year over year to 206.8 million reais from 158.3 million reais, and total operating expenses rose 27.3% on an annual basis to 203.2 million reais from 159.7 million reais.

Reported net income came to a loss of 13.0 million reais, or a loss of 24 centavos per share, compared to a loss of 28.8 million reais, or a loss of 53 centavos per share, in the year-earlier period.

For the year, the company's normalized net income totaled 72 centavos per share, compared with a loss of 1.56 reais per share in the prior year.

Normalized net income was 40.3 million reais, compared with a loss of 84.3 million reais in the prior year.

Full-year total revenue rose 49.3% on an annual basis to 851.0 million reais from 570.1 million reais, and total operating expenses grew 20.1% year over year to 795.0 million reais from 662.2 million reais.

The company said reported net income totaled 30.3 million reais, or 54 centavos per share, in the full year, compared with a loss of 141.6 million reais, or a loss of 2.62 reais per share, the prior year.

As of March 4, US$1 was equivalent to 3.74 reais.