Monrif SpA said its first-quarter normalized net income amounted to €42,880, compared with a loss of €1.0 million in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin climbed to negative 1.5% from negative 2.2% in the year-earlier period.
Total revenue decreased 11.5% year over year to €40.6 million from €45.8 million, and total operating expenses decreased 13.2% on an annual basis to €40.1 million from €46.2 million.
Reported net income totaled a loss of €1.4 million, compared with a loss of €2.5 million in the prior-year period.