Terra Santa Agro SA said its third-quarter normalized net income was a loss of 1.61 reais per share, compared with a loss of 3.35 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 a loss of 28.9 million reais, compared with a loss of 43.2 million reais in the year-earlier period.

The normalized profit margin climbed to negative 28.9% from negative 38.8% in the year-earlier period.

Total revenue declined 10.4% year over year to 99.9 million reais from 111.5 million reais, and total operating expenses fell 48.4% year over year to 78.1 million reais from 151.4 million reais.

Reported net income totaled a loss of 86.3 million reais, or a loss of 4.82 reais per share, compared to a loss of 53.9 million reais, or a loss of 4.17 reais per share, in the year-earlier period.

As of Nov. 12, US$1 was equivalent to 3.79 reais.