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Pettenati swings to profit in fiscal Q1

Pettenati SA - Indústria Têxtil said its normalized net income for the fiscal first quarter ended Sept. 30 came to 4 Brazilian centavos per share, compared with a loss of 2 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 1.8 million reais, compared with a loss of 1.1 million reais in the year-earlier period.

The normalized profit margin climbed to 1.4% from negative 1.2% in the year-earlier period.

Total revenue climbed 38.4% on an annual basis to 127.0 million reais from 91.7 million reais, and total operating expenses grew 29.3% from the prior-year period to 117.9 million reais from 91.2 million reais.

Reported net income totaled 3.7 million reais, or 8 centavos per share, compared to a loss of 486,290 reais, or a loss of 1 centavos per share, in the prior-year period.

As of Nov. 13, US$1 was equivalent to 3.82 reais.