Pininfarina SpA said its normalized net income for the first quarter was a loss of 9 euro cents per share, compared with a loss of 6 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 a loss of €2.8 million, compared with a loss of €1.8 million in the prior-year period.

The normalized profit margin declined to negative 17.0% from negative 10.5% in the year-earlier period.

Total revenue came to €17.7 million, compared with €17.7 million in the year-earlier period, and total operating expenses increased 7.2% from the prior-year period to €20.8 million from €19.4 million.

Reported net income totaled a loss of €3.6 million, or a loss of 12 cents per share, compared to a loss of €2.6 million, or a loss of 9 cents per share, in the prior-year period.