Enervit SpA said its first-quarter normalized net income amounted to 1 euro cents per share, a decline of 44.1% from 2 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 €237,750, a decrease of 44.2% from €425,770 in the year-earlier period.

The normalized profit margin dropped to 1.9% from 3.4% in the year-earlier period.

Total revenue declined year over year to €12.4 million from €12.6 million, and total operating expenses came to €12.0 million, compared with €11.9 million in the prior-year period.

Reported net income decreased 55.4% from the prior-year period to €173,390, or 1 cents per share, from €389,070, or 2 cents per share.