iGrandiViaggi SpA said its normalized net income for the fiscal second quarter ended April 30 amounted to a loss of 57 euro cents per share, compared with a loss of 49 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 €2.6 million, compared with a loss of €2.2 million in the year-earlier period.

The normalized profit margin climbed to negative 16.2% from negative 18.3% in the year-earlier period.

Total revenue fell 16.1% on an annual basis to €10.0 million from €12.0 million, and total operating expenses declined 8.9% from the prior-year period to €14.2 million from €15.6 million.

Reported net income came to a loss of €3.2 million, or a loss of 71 cents per share, compared to a loss of €3.7 million, or a loss of 81 cents per share, in the year-earlier period.