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Grendene Q2 profit climbs 33.0% YOY

Grendene SA said its normalized net income for the second quarter was 21 Brazilian centavos per share, a gain of 32.8% from 16 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 62.9 million reais, an increase of 33.0% from 47.3 million reais in the prior-year period.

The normalized profit margin rose to 16.6% from 11.9% in the year-earlier period.

Total revenue fell on an annual basis to 380.0 million reais from 397.0 million reais, and total operating expenses declined on an annual basis to 342.9 million reais from 358.1 million reais.

Reported net income rose 19.8% year over year to 86.8 million reais, or 29 centavos per share, from 72.4 million reais, or 24 centavos per share.

As of July 23, US$1 was equivalent to 3.29 reais.