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Sagami fiscal Q2 profit falls YOY

Sagami Co. Ltd. said its normalized net income for the fiscal second quarter ended Aug. 20 amounted to ¥3.92 per share, a decrease of 31.5% from ¥5.73 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥155.6 million, a decline of 31.6% from ¥227.5 million in the prior-year period.

The normalized profit margin dropped to 2.5% from 3.4% in the year-earlier period.

Total revenue decreased 6.3% year over year to ¥6.29 billion from ¥6.71 billion, and total operating expenses fell 5.0% year over year to ¥6.05 billion from ¥6.37 billion.

Reported net income decreased 50.0% from the prior-year period to ¥149.0 million, or ¥3.76 per share, from ¥298.0 million, or ¥7.50 per share.

As of Oct. 2, US$1 was equivalent to ¥108.61.