Morozoff Ltd. said its normalized net income for the fiscal first quarter ended April 30 was ¥87.41 per share, a decrease of 6.1% from ¥93.09 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥316.9 million, a decrease of 6.1% from ¥337.5 million in the prior-year period.

The normalized profit margin declined to 4.2% from 4.5% in the year-earlier period.

Total revenue came to ¥7.51 billion, compared with ¥7.49 billion in the prior-year period, and total operating expenses came to ¥7.00 billion, compared with ¥6.94 billion in the year-earlier period.

Reported net income rose from the prior-year period to ¥313.0 million, or ¥86.35 per share, from ¥305.0 million, or ¥84.13 per share.

As of June 13, US$1 was equivalent to ¥102.08.