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Meiko Network Japan fiscal Q1 profit falls YOY

Meiko Network Japan Co. Ltd. said its normalized net income for the fiscal first quarter ended Nov. 30, 2014, amounted to ¥8.49 per share, a decline of 38.6% from ¥13.83 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥234.4 million, a decline of 38.6% from ¥381.9 million in the year-earlier period.

The normalized profit margin fell to 6.0% from 11.5% in the year-earlier period.

Total revenue climbed 16.9% on an annual basis to ¥3.88 billion from ¥3.32 billion, and total operating expenses grew 31.1% year over year to ¥3.54 billion from ¥2.70 billion.

Reported net income decreased 7.6% year over year to ¥353.0 million, or ¥12.79 per share, from ¥382.0 million, or ¥13.84 per share.

As of Jan. 14, US$1 was equivalent to ¥116.84.