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Sato Foods Industries fiscal Q1 profit falls YOY

Sato Foods Industries Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥16.11 per share, a decrease of 48.4% from ¥31.21 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥100.6 million, a decrease of 48.4% from ¥195.0 million in the prior-year period.

The normalized profit margin fell to 7.9% from 14.5% in the year-earlier period.

Total revenue decreased 5.1% on an annual basis to ¥1.28 billion from ¥1.35 billion, and total operating expenses climbed 7.6% from the prior-year period to ¥1.15 billion from ¥1.06 billion.

Reported net income decreased 30.0% year over year to ¥28.0 million, or ¥4.48 per share, from ¥40.0 million, or ¥6.40 per share.

As of Aug. 8, US$1 was equivalent to ¥101.85.