Sabaf SpA said its normalized net income for the first quarter amounted to €1.5 million, a decline of 49.9% from €2.9 million in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin fell to 4.7% from 7.8% in the year-earlier period.
Total revenue decreased 17.7% year over year to €30.9 million from €37.5 million, and total operating expenses declined 13.4% from the prior-year period to €28.4 million from €32.8 million.
Reported net income came to €1.6 million, compared with €3.1 million in the prior-year period.