Italiaonline SpA said its normalized net income for the first quarter amounted to a loss of 10 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 €6.5 million, compared with a loss of €8.9 million in the year-earlier period.

The normalized profit margin increased to negative 9.1% from negative 10.6% in the year-earlier period.

Total revenue declined 15.6% on an annual basis to €71.1 million from €84.2 million, and total operating expenses fell 14.2% on an annual basis to €81.5 million from €95.0 million.

Reported net income totaled a loss of €12.9 million, or a loss of 20 cents per share, compared to a loss of €11.0 million, or a loss of 30 cents per share, in the prior-year period.