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Itochu-Shokuhin fiscal Q1 profit falls YOY

Itochu-Shokuhin Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was ¥28.09 per share, a decline of 7.8% from ¥30.48 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥360.6 million, a decline of 7.8% from ¥391.3 million in the year-earlier period.

The normalized profit margin fell to 0.2% from 0.3% in the year-earlier period.

Total revenue declined on an annual basis to ¥148.49 billion from ¥151.88 billion, and total operating expenses decreased from the prior-year period to ¥148.17 billion from ¥151.53 billion.

Reported net income fell 34.5% year over year to ¥405.0 million, or ¥31.55 per share, from ¥618.0 million, or ¥48.14 per share.

As of Aug. 6, US$1 was equivalent to ¥102.36.