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Owari Precise Products fiscal Q3 profit falls YOY

Owari Precise Products Co. Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to ¥91.09 per share, a decline of 42.7% from ¥158.94 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥105.4 million, a decrease of 42.7% from ¥183.8 million in the prior-year period.

The normalized profit margin declined to 2.6% from 4.9% in the year-earlier period.

Total revenue grew 6.7% year over year to ¥3.99 billion from ¥3.74 billion, and total operating expenses increased 10.3% from the prior-year period to ¥3.92 billion from ¥3.56 billion.

Reported net income decreased 25.2% from the prior-year period to ¥181.0 million, or ¥156.47 per share, from ¥242.0 million, or ¥209.32 per share.

As of Feb. 6, US$1 was equivalent to ¥119.01.