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Italia Independent swings to loss in H1

Italia Independent Group said its first-half normalized net income was a loss of €1.14 per share, compared with 63 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 €2.5 million, compared with income of €1.4 million in the year-earlier period.

Total revenue decreased 34.7% on an annual basis to €16.1 million from €24.7 million, and total operating expenses fell 11.7% on an annual basis to €19.6 million from €22.2 million.

Reported net income totaled a loss of €2.8 million, or a loss of €1.25 per share, compared to income of €1.4 million, or 63 cents per share, in the prior-year period.