Italia Independent Group said its second-half normalized net income came to a loss of 18 euro cents per share, compared with a loss of 15 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €395,800, compared with a loss of €331,950 in the year-earlier period.

Total revenue totaled €13.5 million, compared with €13.6 million in the prior-year period, and total operating expenses totaled €14.2 million, compared with €14.1 million in the prior-year period.

Reported net income totaled a loss of €257,360, or a loss of 12 cents per share, compared to a loss of €459,590, or a loss of 21 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 28 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 44 cents.

EPS declined 26.9% from 38 cents in the prior year.

Normalized net income was €618,800, a decline of 26.9% from €846,670 in the prior year.

Full-year total revenue increased 19.2% on an annual basis to €38.3 million from €32.2 million, and total operating expenses increased 21.7% year over year to €37.2 million from €30.5 million.

The company said reported net income grew 21.4% year over year to €494,240, or 22 cents per share, in the full year, from €407,100, or 18 cents per share.