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CCR SA Q3 profit falls YOY

CCR S.A said its third-quarter normalized net income was 14 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 15 centavos per share.

EPS fell 25.1% year over year from 18 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 241.8 million reais, a decrease of 25.1% from 323.0 million reais in the year-earlier period.

The normalized profit margin declined to 11.0% from 16.7% in the year-earlier period.

Total revenue climbed 13.5% year over year to 2.20 billion reais from 1.93 billion reais, and total operating expenses grew 21.4% on an annual basis to 1.50 billion reais from 1.23 billion reais.

Reported net income decreased 28.6% on an annual basis to 247.0 million reais, or 14 centavos per share, from 346.1 million reais, or 20 centavos per share.

As of Oct. 27, US$1 was equivalent to 3.90 reais.