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ITOCHU Techno-Solutions fiscal Q3 profit falls YOY

ITOCHU Techno-Solutions Corp. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was ¥10.70 per share, a decline of 45.4% from ¥19.59 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥2.47 billion, a decline of 46.0% from ¥4.58 billion in the prior-year period.

The normalized profit margin declined to 2.9% from 4.8% in the year-earlier period.

Total revenue declined 8.6% year over year to ¥86.52 billion from ¥94.70 billion, and total operating expenses fell 5.5% on an annual basis to ¥82.46 billion from ¥87.30 billion.

Reported net income decreased 46.4% on an annual basis to ¥2.47 billion, or ¥10.67 per share, from ¥4.60 billion, or ¥19.69 per share.

As of Feb. 12, US$1 was equivalent to ¥112.83.