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Nihon Seimitsu fiscal Q2 profit falls YOY

Nihon Seimitsu Co. Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was ¥2.86 per share, a decrease of 28.3% from ¥3.98 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥51.3 million, a decrease of 15.5% from ¥60.6 million in the prior-year period.

The normalized profit margin fell to 2.2% from 3.3% in the year-earlier period.

Total revenue rose 27.2% year over year to ¥2.33 billion from ¥1.83 billion, and total operating expenses grew 22.8% from the prior-year period to ¥2.20 billion from ¥1.79 billion.

Reported net income declined 33.3% on an annual basis to ¥54.0 million, or ¥2.96 per share, from ¥81.0 million, or ¥5.32 per share.

As of Nov. 13, US$1 was equivalent to ¥122.78.