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Snaitech swings to loss in Q1

Snaitech SpA said its normalized net income for the first quarter was a loss of 5 euro cents per share, compared with 3 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 €5.6 million, compared with income of €3.7 million in the year-earlier period.

The normalized profit margin climbed to 8.9% from 2.6% in the year-earlier period.

Total revenue fell 9.7% on an annual basis to €128.6 million from €142.3 million, and total operating expenses climbed on an annual basis to €123.8 million from €121.7 million.

Reported net income grew year over year to €11.4 million, or 10 cents per share, from €2.2 million, or 2 cents per share.