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MTI Ltd. fiscal Q1 profit falls YOY

MTI Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, came to ¥12.47 per share, a decrease of 14.8% from ¥14.64 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥719.1 million, a decline from ¥747.3 million in the prior-year period.

The normalized profit margin declined to 8.4% from 9.1% in the year-earlier period.

Total revenue climbed on an annual basis to ¥8.55 billion from ¥8.21 billion, and total operating expenses climbed 8.0% from the prior-year period to ¥7.42 billion from ¥6.88 billion.

Reported net income declined 8.3% from the prior-year period to ¥697.9 million, or ¥12.10 per share, from ¥761.4 million, or ¥14.91 per share.

As of Feb. 10, US$1 was equivalent to ¥114.87.