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Marumitsu fiscal Q1 profit falls YOY

Marumitsu Co. Ltd. said its normalized net income for the fiscal first quarter ended June 20 came to ¥1.96 per share, a decrease of 46.1% from ¥3.64 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥34.4 million, a decrease of 42.7% from ¥60.0 million in the year-earlier period.

The normalized profit margin declined to 0.9% from 1.2% in the year-earlier period.

Total revenue decreased 17.1% year over year to ¥3.98 billion from ¥4.80 billion, and total operating expenses fell 16.7% on an annual basis to ¥3.90 billion from ¥4.68 billion.

Reported net income declined 38.1% from the prior-year period to ¥54.5 million, or ¥3.11 per share, from ¥88.0 million, or ¥5.34 per share.

As of Aug. 4, US$1 was equivalent to ¥102.45.