Advanced Braking Technology Ltd. said its normalized net income for the fiscal first half ended Dec. 31, 2015, came to a loss of A$568,750, compared with a loss of A$418,750 in the prior-year period.

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

Total revenue decreased 37.8% year over year to A$1.8 million from A$2.8 million, and total operating expenses declined 23.2% on an annual basis to A$2.5 million from A$3.3 million.

Reported net income came to a loss of A$910,000, or a loss of 0 cents per share, compared to a loss of A$2.4 million, or a loss of 0 cents per share, in the year-earlier period.