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Kanemitsu fiscal Q2 profit falls YOY

Kanemitsu Corp. said its normalized net income for the fiscal second quarter ended Sept. 30 was ¥13.08 per share, a decrease of 21.3% from ¥16.62 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥66.9 million, a decline of 21.3% from ¥85.0 million in the year-earlier period.

The normalized profit margin declined to 3.3% from 4.4% in the year-earlier period.

Total revenue increased 7.4% on an annual basis to ¥2.06 billion from ¥1.92 billion, and total operating expenses rose 6.1% from the prior-year period to ¥1.91 billion from ¥1.80 billion.

Reported net income fell 19.2% on an annual basis to ¥84.0 million, or ¥16.43 per share, from ¥104.0 million, or ¥20.34 per share.

As of Nov. 10, US$1 was equivalent to ¥123.26.