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Morinaga Milk fiscal Q1 profit falls YOY

Morinaga Milk Industry Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was ¥29.77 per share, a decrease of 49.6% from ¥59.11 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.47 billion, a decrease of 49.6% from ¥2.93 billion in the prior-year period.

The normalized profit margin dropped to 1.0% from 1.9% in the year-earlier period.

Total revenue came to ¥153.72 billion, compared with ¥153.77 billion in the year-earlier period, and total operating expenses climbed on an annual basis to ¥151.62 billion from ¥149.36 billion.

Reported net income declined 68.8% year over year to ¥904.2 million, or ¥18.25 per share, from ¥2.90 billion, or ¥58.60 per share.

As of Aug. 8, US$1 was equivalent to ¥101.85.