Moda Bagno - N. Varveris SA said its first-half normalized net income amounted to a loss of €97,880, compared with a loss of €199,050 in the prior-year period.

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

Total revenue increased on an annual basis to €7.6 million from €7.6 million, and total operating expenses increased from the prior-year period to €7.5 million from €7.3 million.

Reported net income totaled a loss of €165,160, or a loss of 1 cents per share, compared to a loss of €512,060, or a loss of 3 cents per share, in the year-earlier period.