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Okuwa fiscal Q2 profit falls YOY

OKUWA Co. Ltd. said its normalized net income for the fiscal second quarter ended Aug. 20 came to ¥8.59 per share, a decline of 19.6% from ¥10.69 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥383.8 million, a decline of 19.6% from ¥477.5 million in the year-earlier period.

The normalized profit margin declined to 0.6% from 0.6% in the year-earlier period.

Total revenue fell 7.7% year over year to ¥69.43 billion from ¥75.18 billion, and total operating expenses declined 7.5% year over year to ¥68.99 billion from ¥74.58 billion.

Reported net income came to a loss of ¥270.0 million, or a loss of ¥6.04 per share, compared to a loss of ¥18.0 million, or a loss of 40 sen per share, in the prior-year period.

As of Oct. 3, US$1 was equivalent to ¥109.75.