Misawa & Co. Ltd. said its normalized net income for the fiscal second quarter ended July 31 came to ¥11.15 per share, a decline of 28.1% from ¥15.52 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥79.4 million, a decline of 23.0% from ¥103.1 million in the prior-year period.

The normalized profit margin fell to 3.8% from 5.7% in the year-earlier period.

Total revenue increased 13.8% on an annual basis to ¥2.06 billion from ¥1.81 billion, and total operating expenses rose 16.7% from the prior-year period to ¥1.93 billion from ¥1.66 billion.

Reported net income declined 14.1% year over year to ¥67.8 million, or ¥9.53 per share, from ¥79.0 million, or ¥11.88 per share.

As of Sept. 8, US$1 was equivalent to ¥119.71.