Kroton Educacional SA said its second-quarter normalized net income was 19 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 32 centavos per share.

EPS increased 13.7% year over year from 17 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 304.8 million reais, a gain of 15.3% from 264.5 million reais in the prior-year period.

The normalized profit margin increased to 21.9% from 18.7% in the year-earlier period.

Total revenue fell on an annual basis to 1.39 billion reais from 1.41 billion reais, and total operating expenses fell 4.9% from the prior-year period to 937.0 million reais from 985.4 million reais.

Reported net income grew 24.8% on an annual basis to 519.4 million reais, or 32 centavos per share, from 416.1 million reais, or 26 centavos per share.

As of Aug. 12, US$1 was equivalent to 3.16 reais.