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LEC Inc. fiscal Q1 profit falls YOY

LEC Inc. said its normalized net income for the fiscal first quarter ended June 30 was ¥10.02 per share, a decline of 12.5% from ¥11.45 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥176.4 million, a decrease of 12.5% from ¥201.5 million in the year-earlier period.

The normalized profit margin declined to 2.5% from 3.0% in the year-earlier period.

Total revenue grew 5.3% year over year to ¥6.99 billion from ¥6.64 billion, and total operating expenses climbed 7.1% on an annual basis to ¥6.88 billion from ¥6.42 billion.

Reported net income totaled a loss of ¥34.0 million, or a loss of ¥1.93 per share, compared to income of ¥249.0 million, or ¥14.15 per share, in the prior-year period.

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