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Hikari Furniture fiscal Q2 profit falls YOY

Hikari Furniture Co. Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to ¥98.73 per share, a decline of 8.5% from ¥107.90 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥349.4 million, a decrease of 8.5% from ¥381.9 million in the prior-year period.

The normalized profit margin fell to 14.5% from 17.2% in the year-earlier period.

Total revenue grew 8.1% on an annual basis to ¥2.40 billion from ¥2.23 billion, and total operating expenses rose 14.3% year over year to ¥1.85 billion from ¥1.62 billion.

Reported net income fell 33.6% from the prior-year period to ¥351.0 million, or ¥99.19 per share, from ¥529.0 million, or ¥149.48 per share.

As of Nov. 13, US$1 was equivalent to ¥122.78.