Passat Société Anonyme said its normalized net income for the first half amounted to 13 euro cents per share, a decline of 23.5% from 17 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 €514,500, a decline of 19.2% from €637,000 in the year-earlier period.

Total revenue fell 15.6% on an annual basis to €18.9 million from €22.4 million, and total operating expenses declined 15.6% year over year to €18.1 million from €21.5 million.

Reported net income decreased 14.2% on an annual basis to €527,000, or 13 cents per share, from €614,000, or 16 cents per share.