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Elica swings to profit in Q1

Elica SpA said its first-quarter normalized net income amounted to 2 euro cents per share, compared with a loss of 3 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 €1.0 million, compared with a loss of €1.6 million in the year-earlier period.

The normalized profit margin rose to 1.1% from negative 1.7% in the year-earlier period.

Total revenue came to €97.9 million, compared with €98.1 million in the year-earlier period, and total operating expenses fell year over year to €96.3 million from €99.4 million.

Reported net income rose year over year to €1.2 million, or 2 cents per share, from €552,000, or 1 cents per share.