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Landi Renzo Q1 loss widens 15.6% YOY

Landi Renzo S.p.A. said its first-quarter normalized net income was a loss of 2 euro cents per share, compared with a loss of 2 cents 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 €2.2 million, compared with a loss of €1.9 million in the prior-year period.

The normalized profit margin fell to negative 4.9% from negative 4.0% in the year-earlier period.

Total revenue fell 5.3% on an annual basis to €45.6 million from €48.1 million, and total operating expenses fell on an annual basis to €49.6 million from €50.6 million.

Reported net income totaled a loss of €2.8 million, or a loss of 2 cents per share, compared to a loss of €2.5 million, or a loss of 2 cents per share, in the year-earlier period.