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Eurotech Q1 loss widens YOY

Eurotech SpA said its first-quarter normalized net income amounted to a loss of 7 euro cents per share, compared with a loss of 4 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 €2.5 million, compared with a loss of €1.1 million in the prior-year period.

The normalized profit margin fell to negative 20.4% from negative 7.8% in the year-earlier period.

Total revenue declined 14.2% on an annual basis to €12.4 million from €14.5 million, and total operating expenses fell 6.7% year over year to €16.1 million from €17.2 million.

Reported net income came to a loss of €1.7 million, or a loss of 5 cents per share, compared to a loss of €1.7 million, or a loss of 6 cents per share, in the prior-year period.