Valsoia SpA said its normalized net income for the second quarter was 31 euro cents per share, an increase of 12.2% from 28 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 €3.3 million, a gain of 13.9% from €2.9 million in the prior-year period.

The normalized profit margin rose to 9.5% from 8.7% in the year-earlier period.

Total revenue decreased on an annual basis to €32.3 million from €33.5 million, and total operating expenses decreased on an annual basis to €27.4 million from €28.6 million.

Reported net income increased 8.7% on an annual basis to €3.5 million, or 33 cents per share, from €3.2 million, or 30 cents per share.