BELO HORIZONTE, Brazil (AP) — BELO HORIZONTE, Brazil (AP) — Afya Ltd. (AFYA) on Thursday reported third-quarter earnings of $32.4 million.

The Belo Horizonte, Brazil-based company said it had profit of 37 cents per share. Earnings, adjusted for costs related to mergers and acquisitions and stock option expense, were 40 cents per share.

The medical education company posted revenue of $191.7 million in the period.

Afya shares have declined 33% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $10.33, a drop of 29% in the last 12 months.

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