Italian sportswear firm BasicNet, whose brands include Kappa and Jesus Jeans, today registered a sharp fall in annual losses. The company posted a 2.7 million euros ($2.4n) net loss for last year, versus a loss of 17.4 million euros ($15.2m) in the year-ago period. BasicNet added its consolidated turnover grew just over seven per cent to 105 million euros ($91.9m) year-on-year, while its gross operating margin soared 176 per cent to 7.4 million euros.