Aoyama Trading Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was ¥32.99 per share, a decline of 35.3% from ¥50.96 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.94 billion, a decline of 37.9% from ¥3.13 billion in the year-earlier period.

The normalized profit margin declined to 3.8% from 6.1% in the year-earlier period.

Total revenue declined year over year to ¥50.73 billion from ¥51.52 billion, and total operating expenses climbed year over year to ¥47.94 billion from ¥46.86 billion.

Reported net income fell 42.9% year over year to ¥1.81 billion, or ¥30.76 per share, from ¥3.17 billion, or ¥51.67 per share.

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