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.
