Poligrafici Editoriale S.p.A. said its first-quarter normalized net income amounted to €93,630, compared with a loss of €857,130 in the year-earlier period.

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

The normalized profit margin increased to negative 0.3% from negative 2.2% in the year-earlier period.

Total revenue declined 12.4% year over year to €34.9 million from €39.8 million, and total operating expenses decreased 13.3% on an annual basis to €36.1 million from €41.6 million.

Reported net income came to a loss of €1.2 million, compared with a loss of €1.9 million in the year-earlier period.