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Snaitech Q3 loss widens YOY

Snaitech SpA said its normalized net income for the third quarter was a loss of 7 euro cents per share, compared with a loss of 1 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 €8.7 million, compared with a loss of €1.5 million in the year-earlier period.

The normalized profit margin declined to negative 7.8% from negative 1.1% in the year-earlier period.

Total revenue declined 7.6% on an annual basis to €120.3 million from €130.1 million, and total operating expenses rose on an annual basis to €119.6 million from €118.0 million.

Reported net income came to a loss of €14.3 million, or a loss of 12 cents per share, compared to a loss of €3.0 million, or a loss of 3 cents per share, in the prior-year period.