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Kawai Musical Instruments fiscal Q3 profit falls YOY

Kawai Musical Instruments Mfg. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to ¥56.14 per share, a decrease of 26.8% from ¥76.67 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥470.9 million, a decrease of 27.5% from ¥649.1 million in the year-earlier period.

The normalized profit margin fell to 2.8% from 4.2% in the year-earlier period.

Total revenue climbed 8.0% on an annual basis to ¥16.58 billion from ¥15.35 billion, and total operating expenses grew 9.8% from the prior-year period to ¥16.10 billion from ¥14.67 billion.

Reported net income decreased 29.7% year over year to ¥459.0 million, or ¥54.73 per share, from ¥653.0 million, or ¥77.13 per share.

As of Feb. 13, US$1 was equivalent to ¥118.68.