Lapine Co. Ltd. said its normalized net income for the fiscal first quarter ended May 31 amounted to ¥61.71 per share, a gain of 10.3% from ¥55.96 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥145.0 million, an increase of 8.4% from ¥133.8 million in the year-earlier period.

The normalized profit margin rose to 5.0% from 4.5% in the year-earlier period.

Total revenue declined year over year to ¥2.93 billion from ¥2.96 billion, and total operating expenses declined year over year to ¥2.69 billion from ¥2.75 billion.

Reported net income fell 7.7% on an annual basis to ¥214.8 million, or ¥91.40 per share, from ¥232.8 million, or ¥97.40 per share.

As of July 14, US$1 was equivalent to ¥101.58.