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Japfa Q1 profit falls YOY

Japfa Ltd. said its normalized net income for the first quarter amounted to $2.8 million, a fall of 60.9% from $7.1 million in the year-earlier period.

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

The normalized profit margin dropped to 0.4% from 1.0% in the year-earlier period.

Total revenue decreased year over year to $675.7 million from $690.1 million, and total operating expenses declined year over year to $644.2 million from $655.4 million.

Reported net income declined 48.5% on an annual basis to $7.0 million, or 0 cents per share, from $13.6 million, or 1 cents per share.