Ratti SpA said its normalized net income for the fourth quarter amounted to 5 euro cents per share, a decrease of 28.8% from 8 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 €1.5 million, a decrease of 28.8% from €2.1 million in the prior-year period.

The normalized profit margin fell to 5.3% from 6.8% in the year-earlier period.

Total revenue declined 8.0% on an annual basis to €28.2 million from €30.7 million, and total operating expenses fell 5.2% on an annual basis to €25.8 million from €27.2 million.

Reported net income came to €275,000, or 1 cents per share, compared to a loss of €248,000, or a loss of 1 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 12 cents per share, a fall of 14.8% from 14 cents per share in the prior year.

Normalized net income was €3.4 million, a fall of 14.8% from €4.0 million in the prior year.

Full-year total revenue decreased 8.1% on an annual basis to €92.6 million from €100.8 million, and total operating expenses decreased 7.9% on an annual basis to €86.7 million from €94.1 million.

The company said reported net income grew 20.0% on an annual basis to €3.3 million, or 12 cents per share, in the full year, from €2.7 million, or 10 cents per share.