Nissin Kogyo Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥24.93 per share, a decrease of 5.5% from ¥26.38 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.62 billion, a decline of 5.4% from ¥1.71 billion in the year-earlier period.

The normalized profit margin dropped to 3.0% from 3.3% in the year-earlier period.

Total revenue grew on an annual basis to ¥54.10 billion from ¥51.57 billion, and total operating expenses increased on an annual basis to ¥50.14 billion from ¥48.40 billion.

Reported net income fell 11.6% year over year to ¥2.14 billion, or ¥32.95 per share, from ¥2.42 billion, or ¥37.32 per share.

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