iGrandiViaggi S.p.A. said its normalized net income for the fiscal second quarter ended April 30 was a loss of 4 euro cents per share, compared with a loss of 40 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 €1.7 million, compared with a loss of €1.8 million in the prior-year period.

The normalized profit margin dropped to negative 22.1% from negative 16.2% in the year-earlier period.

Total revenue decreased 29.6% on an annual basis to €7.9 million from €11.2 million, and total operating expenses fell 22.2% on an annual basis to €11.0 million from €14.2 million.

Reported net income came to a loss of €3.3 million, or a loss of 7 cents per share, compared to a loss of €3.2 million, or a loss of 71 cents per share, in the year-earlier period.