AS Silvano Fashion Group said its normalized net income for the second quarter amounted to 8 euro cents per share, an increase of 16.1% from 7 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 €2.9 million, a gain of 5.9% from €2.8 million in the prior-year period.

The normalized profit margin increased to 17.1% from 13.0% in the year-earlier period.

Total revenue declined 19.5% year over year to €17.2 million from €21.4 million, and total operating expenses fell 29.2% year over year to €11.3 million from €15.9 million.

Reported net income rose 16.8% on an annual basis to €3.8 million, or 10 cents per share, from €3.3 million, or 8 cents per share.