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Hikari Furniture fiscal Q3 profit falls YOY

Hikari Furniture Co. Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to ¥101.38 per share, a decline of 28.3% from ¥141.46 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥358.8 million, a decline of 28.3% from ¥500.6 million in the year-earlier period.

The normalized profit margin declined to 12.6% from 21.6% in the year-earlier period.

Total revenue increased 22.7% on an annual basis to ¥2.85 billion from ¥2.32 billion, and total operating expenses increased 49.0% on an annual basis to ¥2.29 billion from ¥1.53 billion.

Reported net income decreased 27.0% year over year to ¥376.0 million, or ¥106.26 per share, from ¥515.0 million, or ¥145.52 per share.

As of Feb. 15, US$1 was equivalent to ¥114.50.