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Owari Precise Products fiscal Q1 profit falls YOY

Owari Precise Products Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥76.91 per share, a decrease of 56.9% from ¥178.37 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥89.0 million, a decline of 56.2% from ¥203.0 million in the prior-year period.

The normalized profit margin fell to 2.3% from 5.4% in the year-earlier period.

Total revenue came to ¥3.79 billion, compared with ¥3.76 billion in the prior-year period, and total operating expenses increased from the prior-year period to ¥3.64 billion from ¥3.55 billion.

Reported net income decreased 51.1% on an annual basis to ¥92.0 million, or ¥79.50 per share, from ¥188.0 million, or ¥165.19 per share.

As of Aug. 5, US$1 was equivalent to ¥102.85.