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Vincenzo Zucchi swings to profit in Q1

Vincenzo Zucchi S.p.A. said its normalized net income for the first quarter came to €227,500, compared with a loss of €1.3 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 1.1% from negative 4.7% in the year-earlier period.

Total revenue decreased 22.9% on an annual basis to €20.6 million from €26.7 million, and total operating expenses fell 28.6% on an annual basis to €20.2 million from €28.3 million.

Reported net income totaled €443,000, compared with a loss of €2.5 million in the year-earlier period.