Mountain Alliance AG said its normalized net income for the first half was a loss of €12,130, compared with income of €272,630 in the prior-year period.

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

Total revenue fell 77.8% on an annual basis to €8.9 million from €40.2 million, and total operating expenses declined 78.0% from the prior-year period to €8.7 million from €39.5 million.

Reported net income totaled a loss of €238,000, or a loss of 9 cents per share, compared to income of €285,000, or 12 cents per share, in the prior-year period.