Misawa & Co. Ltd. said its normalized net income for the fiscal first quarter ended April 30 was ¥1.66 per share, a decline of 93.5% from ¥25.40 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥11.3 million, a decline of 93.3% from ¥168.8 million in the year-earlier period.

The normalized profit margin fell to 0.5% from 7.9% in the year-earlier period.

Total revenue came to ¥2.14 billion, compared with ¥2.14 billion in the prior-year period, and total operating expenses climbed 14.1% on an annual basis to ¥2.12 billion from ¥1.86 billion.

Reported net income fell 98.8% on an annual basis to ¥1.8 million, or 15 sen per share, from ¥148.0 million, or ¥22.27 per share.

As of June 11, US$1 was equivalent to ¥123.66.