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Towa Food Service fiscal Q1 profit falls YOY

Towa Food Service Co. Ltd. said its normalized net income for the fiscal first quarter ended July 31 amounted to ¥5.67 per share, a decline of 34.5% from ¥8.66 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥46.3 million, a decrease of 34.5% from ¥70.6 million in the year-earlier period.

The normalized profit margin fell to 1.9% from 2.9% in the year-earlier period.

Total revenue held steady year over year at ¥2.48 billion, and total operating expenses rose on an annual basis to ¥2.40 billion from ¥2.36 billion.

Reported net income decreased 43.8% on an annual basis to ¥36.0 million, or ¥4.42 per share, from ¥64.0 million, or ¥7.85 per share.

As of Sept. 12, US$1 was equivalent to ¥107.36.