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Shinnaigai Textile fiscal Q1 profit falls YOY

Shinnaigai Textile Ltd. said its normalized net income for the fiscal first quarter ended June 25 amounted to ¥21.41 per share, a decrease of 30.9% from ¥30.99 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥41.9 million, a decrease of 30.9% from ¥60.6 million in the year-earlier period.

The normalized profit margin dropped to 2.0% from 3.8% in the year-earlier period.

Total revenue grew 32.4% year over year to ¥2.10 billion from ¥1.59 billion, and total operating expenses rose 36.3% on an annual basis to ¥2.03 billion from ¥1.49 billion.

Reported net income declined 30.0% from the prior-year period to ¥42.0 million, or ¥21.47 per share, from ¥60.0 million, or ¥30.67 per share.

As of Aug. 7, US$1 was equivalent to ¥102.16.