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Daiwa fiscal Q2 profit falls YOY

Daiwa Co. Ltd. said its normalized net income for the fiscal second quarter ended Aug. 31 amounted to ¥3.89 per share, a decrease of 5.4% from ¥4.12 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥21.9 million, a decrease of 5.4% from ¥23.1 million in the prior-year period.

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

Total revenue fell 5.1% on an annual basis to ¥11.62 billion from ¥12.24 billion, and total operating expenses decreased 5.4% year over year to ¥11.55 billion from ¥12.21 billion.

Reported net income grew on an annual basis to ¥1.08 billion, or ¥192.43 per share, from ¥45.0 million, or ¥8.01 per share.

As of Oct. 14, US$1 was equivalent to ¥107.05.