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Brasil Agro swings to profit in fiscal Q1

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas said its normalized net income for the fiscal first quarter ended Sept. 30 was 58 Brazilian centavos per share, compared with a loss of 5 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 34.0 million reais, compared with a loss of 2.9 million reais in the prior-year period.

The normalized profit margin climbed to 62.1% from negative 5.8% in the year-earlier period.

Total revenue climbed 21.4% on an annual basis to 61.6 million reais from 50.7 million reais, and total operating expenses increased 5.1% year over year to 59.9 million reais from 57.0 million reais.

Reported net income increased on an annual basis to 44.2 million reais, or 76 centavos per share, from 1.8 million reais, or 3 centavos per share.

As of Nov. 6, US$1 was equivalent to 3.83 reais.