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Nippon Felt fiscal Q2 profit falls YOY

Nippon Felt Co. Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to ¥6.80 per share, a decline of 17.2% from ¥8.22 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥135.0 million, a decrease of 17.2% from ¥163.1 million in the year-earlier period.

The normalized profit margin dropped to 4.6% from 5.6% in the year-earlier period.

Total revenue fell year over year to ¥2.91 billion from ¥2.94 billion, and total operating expenses totaled ¥2.69 billion, compared with ¥2.69 billion in the year-earlier period.

Reported net income increased 5.8% on an annual basis to ¥181.0 million, or ¥9.12 per share, from ¥171.0 million, or ¥8.62 per share.

As of Nov. 14, US$1 was equivalent to ¥116.46.