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Morinaga & Co. fiscal Q1 profit falls YOY

Morinaga & Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥11.45 per share, a decrease from ¥11.83 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥596.4 million, a decline from ¥616.0 million in the prior-year period.

The normalized profit margin fell to 1.4% from 1.6% in the year-earlier period.

Total revenue increased 11.1% year over year to ¥43.16 billion from ¥38.87 billion, and total operating expenses increased 11.5% year over year to ¥42.48 billion from ¥38.09 billion.

Reported net income increased 12.8% year over year to ¥580.0 million, or ¥11.14 per share, from ¥514.0 million, or ¥9.87 per share.

As of Aug. 14, US$1 was equivalent to ¥102.44.