Vereinigte Filzfabriken AG said its normalized net income for the first half was €336,880, a decline of 38.7% from €550,000 in the prior-year period.

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

Total revenue fell on an annual basis to €12.7 million from €12.8 million, and total operating expenses climbed year over year to €12.1 million from €11.8 million.