HWA AG said its first-half normalized net income came to 9 euro cents per share, a decline of 58.9% from 21 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €436,600, a decrease of 59.9% from €1.1 million in the prior-year period.

Total revenue increased 32.5% on an annual basis to €49.0 million from €37.0 million, and total operating expenses rose 36.5% year over year to €48.0 million from €35.2 million.

Reported net income fell 59.3% year over year to €497,470, or 10 cents per share, from €1.2 million, or 24 cents per share.