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Sogefi Q4 profit falls YOY

Sogefi SpA said its fourth-quarter normalized net income amounted to 2 euro cents per share, a decrease of 87.0% from 14 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 €2.0 million, a decrease of 86.9% from €15.6 million in the year-earlier period.

The normalized profit margin dropped to 0.2% from 4.6% in the year-earlier period.

Total revenue rose 9.8% year over year to €372.4 million from €339.2 million, and total operating expenses climbed 12.9% from the prior-year period to €357.5 million from €316.8 million.

Reported net income totaled a loss of €6.3 million, or a loss of 5 cents per share, compared to income of €9.4 million, or 8 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled 16 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 19 cents.

EPS declined 19.6% from 20 cents in the prior year.

Normalized net income was €22.1 million, a fall of 19.8% from €27.5 million in the prior year.

Full-year total revenue increased 11.1% year over year to €1.50 billion from €1.35 billion, and total operating expenses rose 11.7% year over year to €1.41 billion from €1.26 billion.

The company said reported net income fell 70.4% year over year to €1.1 million, or 1 cents per share, in the full year, from €3.6 million, or 3 cents per share.