Téléverbier SA said its normalized net income for the fiscal first half ended April 30 came to CHF4.2 million, a decrease of 6.9% from CHF4.5 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue fell on an annual basis to CHF44.1 million from CHF44.8 million, and total operating expenses totaled CHF37.6 million, compared with CHF37.8 million in the year-earlier period.

Reported net income came to CHF5.4 million, compared with CHF5.9 million in the prior-year period.