Vilniaus Baldai AB said its normalized net income for the fiscal second quarter ended Feb. 29 amounted to 8 euro cents per share, a decline of 48.7% from 15 cents per share in the second quarter ended June 30, 2015.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €300,000, a decrease of 49.0% from €588,750 in the second quarter ended June 30, 2015.

The normalized profit margin declined to 2.3% from 3.7% in the year-earlier period.

Total revenue fell 17.6% year over year to €13.3 million from €16.1 million, and total operating expenses decreased 15.6% year over year to €12.8 million from €15.1 million.

Reported net income declined 55.0% from the prior-year period to €370,000, or 10 cents per share, from €822,000, or 21 cents per share.