Gemalto reported flat revenue and a drop in profit for the first half of 2014, though noted that sales for its TSM and NFC SIM business were strong, and its EMV card business in the U.S. was ramping up.

The France-based vendor, the largest smart card and TSM provider worldwide today reported sales of €1.13 billion (US$1.54 billion) for the first half, slightly lower than sales for the same period a year ago. After adjusting for currency exchange rates, Gemalto said its revenue increased by 5%. Net income came in at €95.4 million, down 9% from a year earlier.

Gemalto blamed the lackluster results on a strong euro during the first half against the U.S. dollar and Chinese yuan, along with lower revenue from its conventional SIM business, government ID projects and its Netsize mobile messaging and billing service. Patent revenue was also down, among a few other weak spots. The results don’t include revenue or profit from the company’s planned $890 million acquisition of U.S.-based data security firm SafeNet, which is set to close in the fourth quarter.