Giorgio Fedon & Figli Spa said its first-half normalized net income was 28 euro cents per share, a decrease of 8.1% from 31 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 €531,880, a decline of 7.6% from €575,630 in the prior-year period.

Total revenue fell year over year to €35.9 million from €36.5 million, and total operating expenses decreased on an annual basis to €34.8 million from €35.4 million.

Reported net income totaled €606,000, or 32 cents per share, compared to €612,000, or 32 cents per share, in the prior-year period.