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Kawai Musical Instruments fiscal Q1 profit falls YOY

Kawai Musical Instruments Mfg. said its normalized net income for the fiscal first quarter ended June 30 was 83 Japanese sen per share, a decline of 95.2% from ¥17.39 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥7.0 million, a decline of 95.2% from ¥147.3 million in the prior-year period.

The normalized profit margin dropped to 0.0% from 1.1% in the year-earlier period.

Total revenue climbed 8.3% year over year to ¥15.02 billion from ¥13.86 billion, and total operating expenses rose 8.4% from the prior-year period to ¥15.01 billion from ¥13.84 billion.

Reported net income came to a loss of ¥165.0 million, or a loss of ¥19.49 per share, compared to income of ¥151.0 million, or ¥17.84 per share, in the prior-year period.

As of Aug. 8, US$1 was equivalent to ¥101.85.