Ratti S.p.A. said its first-quarter normalized net income came to €34,000, a fall of 92.7% from €467,250 in the prior-year period.

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

The normalized profit margin declined to 0.2% from 2.2% in the year-earlier period.

Total revenue declined year over year to €20.5 million from €21.0 million, and total operating expenses rose year over year to €20.4 million from €20.0 million.

Reported net income totaled €52,000, compared with €747,000 in the year-earlier period.