Moda Bagno - N. Varveris SA said its first-quarter normalized net income came to a loss of 2 euro cents per share, compared with a loss of 2 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €324,810, compared with a loss of €379,840 in the year-earlier period.

The normalized profit margin rose to negative 13.1% from negative 17.4% in the year-earlier period.

Total revenue increased 13.3% on an annual basis to €2.5 million from €2.2 million, and total operating expenses climbed 5.1% on an annual basis to €2.8 million from €2.7 million.

Reported net income totaled a loss of €550,900, or a loss of 3 cents per share, compared to a loss of €643,810, or a loss of 3 cents per share, in the year-earlier period.