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Cawachi fiscal Q2 profit falls YOY

Cawachi Ltd said its normalized net income for the fiscal second quarter ended Sept. 15 amounted to ¥28.84 per share, a decline of 52.9% from ¥61.28 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥666.9 million, a decrease of 53.0% from ¥1.42 billion in the prior-year period.

The normalized profit margin dropped to 1.0% from 2.3% in the year-earlier period.

Total revenue climbed 7.6% year over year to ¥67.51 billion from ¥62.77 billion, and total operating expenses rose 9.9% on an annual basis to ¥66.74 billion from ¥60.74 billion.

Reported net income came to a loss of ¥6.52 billion, or a loss of ¥281.99 per share, compared to income of ¥1.24 billion, or ¥53.75 per share, in the year-earlier period.

As of Oct. 29, US$1 was equivalent to ¥108.11.