Okuwa Co. Ltd. said its normalized net income for the fiscal first quarter ended May 20 amounted to ¥6.91 per share, a decline of 11.8% from ¥7.83 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥308.8 million, a decrease of 11.8% from ¥350.0 million in the year-earlier period.

The normalized profit margin dropped to 0.5% from 0.5% in the year-earlier period.

Total revenue fell year over year to ¥67.02 billion from ¥69.61 billion, and total operating expenses declined on an annual basis to ¥66.67 billion from ¥69.14 billion.

Reported net income increased 10.9% from the prior-year period to ¥265.0 million, or ¥5.93 per share, from ¥239.0 million, or ¥5.35 per share.

As of July 4, US$1 was equivalent to ¥102.07.