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IGrandiViaggi fiscal Q1 loss widens 92.4% YOY

iGrandiViaggi SpA said its normalized net income for the fiscal first quarter ended Jan. 31 came to a loss of 46 euro cents per share, compared with a loss of 24 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 €2.1 million, compared with a loss of €1.1 million in the year-earlier period.

The normalized profit margin dropped to negative 19.9% from negative 9.1% in the year-earlier period.

Total revenue fell 12.4% on an annual basis to €10.3 million from €11.8 million, and total operating expenses totaled €14.0 million, compared with €14.0 million in the year-earlier period.

Reported net income came to a loss of €3.4 million, or a loss of 76 cents per share, compared to a loss of €1.9 million, or a loss of 41 cents per share, in the year-earlier period.