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Landi Renzo swings to loss in Q3

Landi Renzo S.p.A. said its normalized net income for the third quarter was a loss of 2 euro cents per share, compared with 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 €2.7 million, compared with income of €1.6 million in the year-earlier period.

The normalized profit margin fell to negative 5.8% from 2.6% in the year-earlier period.

Total revenue decreased 22.9% year over year to €47.5 million from €61.6 million, and total operating expenses decreased 15.4% on an annual basis to €50.1 million from €59.2 million.

Reported net income totaled a loss of €4.0 million, or a loss of 4 cents per share, compared to income of €1.5 million, or 1 cents per share, in the prior-year period.