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Trust fiscal Q1 profit falls YOY

Trust Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥3.47 per share, a decline of 36.1% from ¥5.42 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥89.8 million, a decline of 36.1% from ¥140.4 million in the year-earlier period.

The normalized profit margin dropped to 2.2% from 3.8% in the year-earlier period.

Total revenue increased 13.2% year over year to ¥4.16 billion from ¥3.67 billion, and total operating expenses climbed 16.7% on an annual basis to ¥3.91 billion from ¥3.35 billion.

Reported net income fell 30.4% year over year to ¥94.0 million, or ¥3.63 per share, from ¥135.0 million, or ¥5.22 per share.

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