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Yokohama Reito fiscal Q2 profit falls YOY

Yokohama Reito Co. Ltd. said its normalized net income for the fiscal second quarter ended March 31 was ¥5.37 per share, a decline of 35.6% from ¥8.34 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥317.5 million, a decline of 35.6% from ¥492.9 million in the year-earlier period.

The normalized profit margin fell to 0.9% from 1.6% in the year-earlier period.

Total revenue grew 10.3% year over year to ¥35.05 billion from ¥31.77 billion, and total operating expenses rose 11.5% year over year to ¥34.52 billion from ¥30.96 billion.

Reported net income declined 51.4% from the prior-year period to ¥248.3 million, or ¥4.20 per share, from ¥511.3 million, or ¥8.65 per share.

As of May 14, US$1 was equivalent to ¥119.24.