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Nisshin Seifun fiscal Q1 profit falls YOY

Nisshin Seifun Group Inc. said its normalized net income for the fiscal first quarter ended June 30 came to ¥11.18 per share, a decline of 14.9% from ¥13.14 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥3.37 billion, a decline of 14.9% from ¥3.95 billion in the prior-year period.

The normalized profit margin declined to 2.8% from 3.3% in the year-earlier period.

Total revenue rose year over year to ¥120.97 billion from ¥118.08 billion, and total operating expenses climbed from the prior-year period to ¥116.99 billion from ¥112.60 billion.

Reported net income fell 23.4% from the prior-year period to ¥3.23 billion, or ¥10.74 per share, from ¥4.22 billion, or ¥14.03 per share.

As of Aug. 13, US$1 was equivalent to ¥102.37.