Masi Agricola SpA said its normalized net income for the second half came to €3.0 million, a fall of 56.1% from €6.9 million in the year-earlier period.

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

Total revenue grew on an annual basis to €36.0 million from €34.5 million, and total operating expenses climbed 29.7% on an annual basis to €30.0 million from €23.1 million.

Reported net income fell 54.8% from the prior-year period to €3.1 million, or 9 cents per share, from €6.8 million.

For the year, the company's normalized net income totaled 19 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 31 cents.

EPS declined 31.7% from 28 cents in the prior year.

Normalized net income was €6.2 million, a decrease of 21.1% from €7.9 million in the prior year.

Full-year total revenue increased 5.6% from the prior-year period to €64.5 million from €61.1 million, and total operating expenses increased 12.3% on an annual basis to €53.3 million from €47.4 million.

The company said reported net income decreased 18.8% year over year to €6.2 million, or 19 cents per share, in the full year, from €7.6 million, or 27 cents per share.