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Cawachi fiscal Q1 profit falls YOY

Cawachi Ltd said its normalized net income for the fiscal first quarter ended June 15 came to ¥36.53 per share, a decrease of 33.1% from ¥54.58 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥845.0 million, a decrease of 33.1% from ¥1.26 billion in the prior-year period.

The normalized profit margin declined to 1.2% from 2.1% in the year-earlier period.

Total revenue grew 13.6% on an annual basis to ¥67.89 billion from ¥59.74 billion, and total operating expenses rose 15.3% year over year to ¥66.83 billion from ¥57.95 billion.

Reported net income declined 46.0% on an annual basis to ¥647.9 million, or ¥27.98 per share, from ¥1.20 billion, or ¥51.83 per share.

As of July 30, US$1 was equivalent to ¥102.83.