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SHIFT Inc. fiscal Q1 profit falls YOY

SHIFT Inc. said its normalized net income for the fiscal first quarter ended Nov. 30, 2015, amounted to ¥2.16 per share, a decline of 34.1% from ¥3.28 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥33.8 million, a decline of 30.8% from ¥48.8 million in the year-earlier period.

The normalized profit margin dropped to 3.0% from 7.4% in the year-earlier period.

Total revenue climbed 73.3% on an annual basis to ¥1.14 billion from ¥658.0 million, and total operating expenses increased 89.2% from the prior-year period to ¥1.08 billion from ¥573.0 million.

Reported net income declined 26.9% on an annual basis to ¥37.0 million, or ¥2.37 per share, from ¥50.6 million, or ¥3.41 per share.

As of Jan. 14, US$1 was equivalent to ¥118.06.