VT Holdings Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥4.76 per share, a decrease of 38.1% from ¥7.69 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥560.0 million, a decrease of 33.2% from ¥838.5 million in the year-earlier period.

The normalized profit margin dropped to 2.0% from 3.0% in the year-earlier period.

Total revenue increased on an annual basis to ¥28.55 billion from ¥27.79 billion, and total operating expenses increased 5.0% on an annual basis to ¥27.66 billion from ¥26.35 billion.

Reported net income fell 31.7% on an annual basis to ¥511.0 million, or ¥4.34 per share, from ¥748.1 million, or ¥6.86 per share.

As of Aug. 12, US$1 was equivalent to ¥102.19.