Vincenzo Zucchi SpA said its normalized net income for the third quarter amounted to €1.2 million, compared with a loss of €944,380 in the year-earlier period.

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

The normalized profit margin fell to negative 5.3% from negative 3.8% in the year-earlier period.

Total revenue fell 8.7% on an annual basis to €22.8 million from €24.9 million, and total operating expenses declined 13.3% year over year to €23.1 million from €26.7 million.

Reported net income came to a loss of €4.2 million, compared with a loss of €1.8 million in the prior-year period.