Devernois said its normalized net income for the second quarter was a loss of €1.28 per share, compared with 34 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 €383,750, compared with income of €100,630 in the prior-year period.

The normalized profit margin declined to negative 4.4% from 1.1% in the year-earlier period.

Total revenue decreased on an annual basis to €8.8 million from €9.1 million, and total operating expenses increased 5.1% year over year to €9.4 million from €9.0 million.

Reported net income came to a loss of €1.3 million, or a loss of €4.30 per share, compared to a loss of €145,000, or a loss of 48 cents per share, in the prior-year period.