Varvaressos SA European Spinning Mills said its normalized net income for the first half was a loss of 2 euro cents per share, compared with a loss of 5 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 €357,720, compared with a loss of €858,420 in the year-earlier period.

Total revenue came to €10.2 million, compared with €10.2 million in the prior-year period, and total operating expenses declined 7.1% on an annual basis to €10.4 million from €11.2 million.

Reported net income totaled a loss of €572,710, or a loss of 3 cents per share, compared to a loss of €1.4 million, or a loss of 8 cents per share, in the prior-year period.