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IGrandiViaggi swings to profit in fiscal Q3

iGrandiViaggi S.p.A. said its normalized net income for the fiscal third quarter ended July 31 was €1.0 million, compared with a loss of €398,380 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 5.0% from negative 2.3% in the year-earlier period.

Total revenue grew 15.7% year over year to €20.3 million from €17.5 million, and total operating expenses increased from the prior-year period to €18.3 million from €17.5 million.

Reported net income increased on an annual basis to €2.1 million, or 4 cents per share, from €675,000, or 1 cents per share.