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Sato Foods Industries fiscal Q2 profit falls YOY

Sato Foods Industries Co. Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was ¥16.51 per share, a decrease of 18.7% from ¥20.31 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥103.1 million, a decrease of 18.7% from ¥126.9 million in the prior-year period.

The normalized profit margin dropped to 7.1% from 9.0% in the year-earlier period.

Total revenue grew year over year to ¥1.46 billion from ¥1.42 billion, and total operating expenses climbed 6.5% on an annual basis to ¥1.30 billion from ¥1.22 billion.

Reported net income decreased year over year to ¥35.0 million, or ¥5.60 per share, from ¥36.0 million, or ¥5.76 per share.

As of Nov. 13, US$1 was equivalent to ¥122.78.