Piquadro SpA said its normalized net income for the fiscal first quarter ended June 30 amounted to 1 euro cents per share, a gain from 1 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 €742,000, a gain from €728,000 in the prior-year period.

The normalized profit margin declined to 5.6% from 5.8% in the year-earlier period.

Total revenue increased 6.8% on an annual basis to €13.4 million from €12.5 million, and total operating expenses grew 7.4% from the prior-year period to €12.1 million from €11.3 million.

Reported net income grew 7.7% year over year to €752,680, or 1 cents per share, from €698,920, or 1 cents per share.