Damiani SpA said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 2 euro cents per share, compared with a loss of 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 a loss of €1.6 million, compared with a loss of €1.0 million in the prior-year period.

The normalized profit margin fell to negative 4.4% from negative 3.3% in the year-earlier period.

Total revenue increased 17.0% year over year to €36.0 million from €30.8 million, and total operating expenses climbed 19.1% from the prior-year period to €38.5 million from €32.3 million.

Reported net income came to €8.5 million, or 11 cents per share, compared to a loss of €775,280, or a loss of 1 cents per share, in the year-earlier period.