Kyokuyo Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥21.51 per share, a decline of 68.6% from ¥68.55 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥245.1 million, a decrease of 66.0% from ¥720.0 million in the prior-year period.

The normalized profit margin declined to 0.5% from 1.6% in the year-earlier period.

Total revenue increased 8.5% on an annual basis to ¥48.67 billion from ¥44.86 billion, and total operating expenses climbed 10.3% from the prior-year period to ¥48.35 billion from ¥43.85 billion.

Reported net income declined 74.5% on an annual basis to ¥223.3 million, or ¥19.60 per share, from ¥877.0 million, or ¥83.50 per share.

As of Aug. 13, US$1 was equivalent to ¥102.37.