Pacific Net Co. Ltd. said its normalized net income for the fiscal first quarter ended Aug. 31 came to ¥1.45 per share, a decline of 90.3% from ¥14.98 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥7.5 million, a decrease of 90.3% from ¥77.5 million in the year-earlier period.

The normalized profit margin declined to 0.7% from 6.7% in the year-earlier period.

Total revenue declined 7.0% on an annual basis to ¥1.07 billion from ¥1.15 billion, and total operating expenses grew from the prior-year period to ¥1.06 billion from ¥1.03 billion.

Reported net income decreased 94.0% on an annual basis to ¥5.0 million, or 97 sen per share, from ¥84.0 million, or ¥16.23 per share.

As of Oct. 15, US$1 was equivalent to ¥118.46.