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Okuwa fiscal Q3 profit falls YOY

Okuwa Co. Ltd. said its normalized net income for the fiscal third quarter ended Nov. 20 amounted to ¥1.29 per share, a decline of 89.4% from ¥12.11 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥57.5 million, a decline of 89.4% from ¥541.3 million in the prior-year period.

The normalized profit margin fell to 0.1% from 0.8% in the year-earlier period.

Total revenue declined 7.1% year over year to ¥65.78 billion from ¥70.78 billion, and total operating expenses fell 6.0% on an annual basis to ¥65.78 billion from ¥69.99 billion.

Reported net income came to a loss of ¥492.0 million, or a loss of ¥11.02 per share, compared to income of ¥64.0 million, or ¥1.43 per share, in the prior-year period.

As of Dec. 26, US$1 was equivalent to ¥120.44.