Modelleria Brambilla S.p.A. said its normalized net income for the first half came to 1 euro cents per share, a decline of 88.8% from 9 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 €40,340, a decline of 88.8% from €358,970 in the year-earlier period.

Total revenue declined 28.5% on an annual basis to €6.7 million from €9.4 million, and total operating expenses fell 24.6% from the prior-year period to €6.4 million from €8.6 million.

Reported net income decreased 90.2% from the prior-year period to €29,540, or 1 cents per share, from €300,680, or 8 cents per share.