Piquadro SpA said its normalized net income for the fiscal first quarter ended June 30 amounted to 2 euro cents per share, a gain of 9.9% from 1 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 €813,130, an increase of 9.6% from €742,000 in the prior-year period.

The normalized profit margin increased to 6.0% from 5.6% in the year-earlier period.

Total revenue increased on an annual basis to €13.6 million from €13.4 million, and total operating expenses rose on an annual basis to €12.5 million from €12.1 million.

Reported net income increased 6.8% year over year to €804,000, or 2 cents per share, from €752,680, or 1 cents per share.