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Akebono Brake Industry fiscal Q1 profit falls YOY

Akebono Brake Industry Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was ¥1.83 per share, a decrease of 5.6% from ¥1.94 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥243.1 million, a decline of 5.9% from ¥258.3 million in the prior-year period.

The normalized profit margin fell to 0.4% from 0.5% in the year-earlier period.

Total revenue increased 7.2% on an annual basis to ¥59.96 billion from ¥55.95 billion, and total operating expenses grew 6.9% from the prior-year period to ¥58.74 billion from ¥54.95 billion.

Reported net income came to a loss of ¥172.0 million, or a loss of ¥1.29 per share, compared to income of ¥478.5 million, or ¥3.59 per share, in the year-earlier period.

As of Aug. 8, US$1 was equivalent to ¥101.85.