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Funai Electric fiscal Q3 profit falls YOY

Funai Electric Co. Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to ¥11.25 per share, a decrease of 78.5% from ¥52.43 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥384.0 million, a decline of 78.5% from ¥1.79 billion in the prior-year period.

The normalized profit margin fell to 0.7% from 2.7% in the year-earlier period.

Total revenue fell 12.3% on an annual basis to ¥57.09 billion from ¥65.07 billion, and total operating expenses declined 10.9% from the prior-year period to ¥57.85 billion from ¥64.93 billion.

Reported net income declined 68.2% from the prior-year period to ¥433.0 million, or ¥12.69 per share, from ¥1.36 billion, or ¥39.89 per share.

As of Feb. 5, US$1 was equivalent to ¥117.45.