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Tec Toy swings to profit in Q4

Tec Toy S/A said its normalized net income for the fourth quarter amounted to 42 Brazilian centavos per share, compared with a loss of 4.97 reais per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.2 million reais, compared with a loss of 6.6 million reais in the prior-year period.

The normalized profit margin increased to 82.3% from negative 22.0% in the year-earlier period.

Total revenue fell 89.0% year over year to 3.3 million reais from 29.9 million reais, and total operating expenses fell 89.5% year over year to 3.6 million reais from 34.4 million reais.

Reported net income came to 3.6 million reais, or 68 centavos per share, compared to a loss of 10.5 million reais, or a loss of 7.95 reais per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 5.10 reais per share, compared with a loss of 15.27 reais per share in the prior year.

Normalized net income was a loss of 22.3 million reais, compared with a loss of 20.2 million reais in the prior year.

Full-year total revenue declined 83.5% year over year to 17.2 million reais from 104.3 million reais, and total operating expenses decreased 73.0% on an annual basis to 33.1 million reais from 122.3 million reais.

The company said reported net income totaled a loss of 35.7 million reais, or a loss of 8.15 reais per share, in the full year, compared with a loss of 32.6 million reais, or a loss of 24.65 reais per share, the prior year.

As of March 29, US$1 was equivalent to 3.67 reais.