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Kao Q1 profit falls YOY

Kao Corp. said its first-quarter normalized net income was ¥31.10 per share, a decline of 36.4% from ¥48.93 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥15.61 billion, a decrease of 37.8% from ¥25.09 billion in the year-earlier period.

The normalized profit margin fell to 4.7% from 7.4% in the year-earlier period.

Total revenue declined on an annual basis to ¥328.78 billion from ¥341.20 billion, and total operating expenses increased year over year to ¥305.37 billion from ¥301.56 billion.

Reported net income decreased 52.3% on an annual basis to ¥12.02 billion, or ¥23.94 per share, from ¥25.19 billion, or ¥49.13 per share.

As of May 13, US$1 was equivalent to ¥119.08.