Yokohama Maruuo Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥6.62 per share, a decline from ¥6.70 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥46.9 million, an increase of 5.9% from ¥44.3 million in the prior-year period.

The normalized profit margin increased to 0.4% from 0.3% in the year-earlier period.

Total revenue declined 5.3% on an annual basis to ¥12.82 billion from ¥13.54 billion, and total operating expenses fell 5.3% year over year to ¥12.87 billion from ¥13.59 billion.

Reported net income decreased 18.4% from the prior-year period to ¥62.0 million, or ¥8.76 per share, from ¥76.0 million, or ¥11.52 per share.

As of Aug. 13, US$1 was equivalent to ¥102.37.