iGrandiViaggi S.p.A. said its normalized net income for the fiscal fourth quarter ended Oct. 31, 2015, amounted to 6 euro cents per share, a decline of 84.4% from 39 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 €2.3 million, a gain of 30.8% from €1.8 million in the prior-year period.

The normalized profit margin increased to 9.8% from 6.2% in the year-earlier period.

Total revenue declined 17.8% on an annual basis to €23.3 million from €28.3 million, and total operating expenses decreased 23.0% on an annual basis to €19.3 million from €25.0 million.

Reported net income increased 23.7% on an annual basis to €3.3 million, or 9 cents per share, from €2.7 million, or 60 cents per share.

For the year, the company's normalized net income totaled a loss of 4 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 7 cents.

EPS was a loss of 63 cents in the prior year.

Normalized net income was a loss of €2.0 million, compared with a loss of €2.8 million in the prior year.

Full-year total revenue declined 11.2% year over year to €62.3 million from €70.2 million, and total operating expenses fell 13.3% on an annual basis to €65.0 million from €74.9 million.

The company said reported net income totaled a loss of €2.6 million, or a loss of 6 cents per share, in the full year, compared with a loss of €5.0 million, or a loss of €1.11 per share, the prior year.