Ratti SpA said its normalized net income for the third quarter was €601,750, a fall of 15.8% from €714,380 in the year-earlier period.

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

The normalized profit margin declined to 3.1% from 3.4% in the year-earlier period.

Total revenue decreased 7.7% year over year to €19.2 million from €20.8 million, and total operating expenses declined 6.9% year over year to €18.2 million from €19.5 million.

Reported net income came to €955,000, compared with €1.1 million in the prior-year period.