Pieno Zvaigzdes AB said its normalized net income for the second quarter amounted to a loss of €68,750, compared with a loss of €67,500 in the year-earlier period.

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

The normalized profit margin declined to negative 0.2% from negative 0.2% in the year-earlier period.

Total revenue decreased 10.7% on an annual basis to €38.0 million from €42.6 million, and total operating expenses fell 11.0% on an annual basis to €37.9 million from €42.5 million.

Reported net income came to a loss of €110,000, or a loss of 0 cents per share, compared to a loss of €108,000, or a loss of 0 cents per share, in the prior-year period.