Cover 50 SpA said its first-half normalized net income amounted to 46 euro cents per share, a gain of 6.9% from 43 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 €2.0 million, a gain of 6.9% from €1.9 million in the year-earlier period.

Total revenue rose 5.1% on an annual basis to €13.5 million from €12.9 million, and total operating expenses increased on an annual basis to €10.3 million from €9.8 million.

Reported net income increased 16.5% on an annual basis to €2.6 million, or 59 cents per share, from €2.2 million, or 51 cents per share.