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Springs Global Q4 profit climbs 11.2% YOY

Springs Global Participações SA said its fourth-quarter normalized net income was 15 Brazilian centavos per share, a gain of 11.2% from 13 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 7.5 million reais, a gain of 11.2% from 6.7 million reais in the year-earlier period.

The normalized profit margin climbed to 1.2% from 1.2% in the year-earlier period.

Total revenue increased 7.6% year over year to 609.2 million reais from 566.1 million reais, and total operating expenses grew 9.6% on an annual basis to 576.6 million reais from 526.0 million reais.

Reported net income fell 76.3% on an annual basis to 197,000 reais, or 0 centavos per share, from 831,000 reais, or 2 centavos per share.

For the year, the company's normalized net income totaled 13 centavos per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 10 centavos.

EPS was a loss of 26 centavos in the prior year.

Normalized net income was 6.3 million reais, compared with a loss of 13.0 million reais in the prior year.

Full-year total revenue rose 8.4% year over year to 2.27 billion reais from 2.09 billion reais, and total operating expenses increased 8.3% year over year to 2.14 billion reais from 1.97 billion reais.

The company said reported net income totaled 22.5 million reais, or 45 centavos per share, in the full year, compared with a loss of 28.4 million reais, or a loss of 57 centavos per share, the prior year.

As of March 2, US$1 was equivalent to 3.90 reais.