Hotéis Othon S.A. said its second-quarter normalized net income was a loss of 40 Brazilian centavos per share, compared with a loss of 26 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 a loss of 7.4 million reais, compared with a loss of 4.8 million reais in the prior-year period.
The normalized profit margin dropped to negative 26.9% from negative 15.2% in the year-earlier period.
Total revenue fell 12.8% on an annual basis to 27.3 million reais from 31.4 million reais, and total operating expenses decreased 7.0% year over year to 33.4 million reais from 36.0 million reais.
Reported net income came to a loss of 10.4 million reais, or a loss of 56 centavos per share, compared to a loss of 6.6 million reais, or a loss of 36 centavos per share, in the year-earlier period.
As of Aug. 11, US$1 was equivalent to 3.13 reais.