AS Silvano Fashion Group said its normalized net income for the first quarter amounted to 2 euro cents per share, a decrease of 65.6% from 5 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 €938,630, a decrease of 54.5% from €2.1 million in the prior-year period.

The normalized profit margin fell to 7.2% from 7.6% in the year-earlier period.

Total revenue declined 51.8% on an annual basis to €13.1 million from €27.1 million, and total operating expenses decreased 51.1% year over year to €11.4 million from €23.2 million.

Reported net income totaled a loss of €521,000, or a loss of 1 cents per share, compared to income of €1.9 million, or 5 cents per share, in the prior-year period.