Enervit SpA said its third-quarter normalized net income came to €176,080, a decrease of 74.3% from €683,820 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 1.6% from 5.9% in the year-earlier period.

Total revenue fell year over year to €11.1 million from €11.5 million, and total operating expenses rose year over year to €10.8 million from €10.4 million.

Reported net income declined 87.6% from the prior-year period to €91,890, or 1 cents per share, from €739,880, or 4 cents per share.