Metall Zug AG said its first-half normalized net income amounted to CHF11.6 million, a decline of 53.6% from CHF24.9 million in the year-earlier period.

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

Total revenue came to CHF420.7 million, compared with CHF420.7 million in the year-earlier period, and total operating expenses declined from the prior-year period to CHF389.5 million from CHF394.0 million.

Reported net income totaled CHF10.3 million, compared with CHF31.9 million in the year-earlier period.