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Nitto Denko fiscal Q1 profit falls YOY

Nitto Denko Corp. said its normalized net income for the fiscal first quarter ended June 30 was ¥42.84 per share, a decrease of 57.4% from ¥100.54 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥6.96 billion, a decrease of 58.1% from ¥16.63 billion in the prior-year period.

The normalized profit margin dropped to 4.1% from 8.2% in the year-earlier period.

Total revenue fell 17.1% year over year to ¥168.41 billion from ¥203.21 billion, and total operating expenses fell 11.3% year over year to ¥156.67 billion from ¥176.63 billion.

Reported net income decreased 63.4% year over year to ¥6.80 billion, or ¥41.86 per share, from ¥18.59 billion, or ¥112.42 per share.

As of Aug. 5, US$1 was equivalent to ¥101.87.