Italian Wine Brands SpA said its first-half normalized net income was 7 euro cents per share, a decrease of 58.7% from 18 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 €469,250, a decline of 60.0% from €1.2 million in the prior-year period.

Total revenue decreased on an annual basis to €65.0 million from €66.6 million, and total operating expenses declined from the prior-year period to €63.4 million from €64.2 million.

Reported net income came to €457,340, or 7 cents per share, compared to a loss of €33,020, or a loss of 1 cents per share, in the prior-year period.