Toyo Sugar Refining Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was ¥15.70 per share, a decline of 14.4% from ¥18.34 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥85.6 million, a decline of 14.4% from ¥100.0 million in the year-earlier period.

The normalized profit margin fell to 2.3% from 2.8% in the year-earlier period.

Total revenue increased 6.0% on an annual basis to ¥3.77 billion from ¥3.56 billion, and total operating expenses increased 7.1% year over year to ¥3.65 billion from ¥3.41 billion.

Reported net income decreased 14.4% year over year to ¥95.0 million, or ¥17.42 per share, from ¥111.0 million, or ¥20.35 per share.

As of Aug. 7, US$1 was equivalent to ¥124.28.