Landi Renzo S.p.A. said its second-quarter normalized net income amounted to a loss of 2 euro cents per share, compared with a loss of 3 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 €3.3 million in the year-earlier period.

The normalized profit margin declined to negative 7.4% from negative 6.3% in the year-earlier period.

Total revenue declined 8.9% year over year to €47.9 million from €52.6 million, and total operating expenses declined 11.2% on an annual basis to €50.6 million from €56.9 million.

Reported net income totaled a loss of €8.4 million, or a loss of 7 cents per share, compared to a loss of €4.4 million, or a loss of 4 cents per share, in the prior-year period.