Natuzzi SpA said its normalized net income for the first quarter amounted to a loss of 11 euro cents per share, compared with a loss of 11 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 a loss of €6.1 million, compared with a loss of €5.8 million in the year-earlier period.

The normalized profit margin climbed to negative 4.9% from negative 5.9% in the year-earlier period.

Total revenue grew 24.5% on an annual basis to €122.5 million from €98.4 million, and total operating expenses rose 18.3% year over year to €127.5 million from €107.8 million.

Reported net income held steady year over year at a loss of €9.8 million, or a loss of 18 cents per share.