iGrandiViaggi S.p.A. said its normalized net income for the fiscal first quarter ended Jan. 31 amounted to a loss of 3 euro cents per share, compared with a loss of 46 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 €1.4 million, compared with a loss of €2.1 million in the prior-year period.

The normalized profit margin rose to negative 16.1% from negative 19.9% in the year-earlier period.

Total revenue declined 16.9% on an annual basis to €8.6 million from €10.3 million, and total operating expenses fell 21.3% from the prior-year period to €11.0 million from €14.0 million.

Reported net income came to a loss of €2.4 million, or a loss of 5 cents per share, compared to a loss of €3.4 million, or a loss of 76 cents per share, in the year-earlier period.