The bottom line returned to BRL 2.1 million ($0.4 mm) in income for the fourth quarter after last year’s BRL 1.606.2 million in red ink on a huge goodwill impairment charge for Rothy’s and Ioasys, as sales gained 11% to BRL 1,122.4 million ($194.6 mm) over BRL 1,009.2 million. Gross margin contracted 300 b.p. to 33.3% on inventory write-off provisions. Backing these impacts out of the current and prior year, sales volume recovery and operational improvements would have driven a 390 b.p. expansion to 48.6%. SG&A was up 16% in reals, ... Log in to view full article.