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NAFCO fiscal Q1 profit falls YOY

NAFCO Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was ¥70.00 per share, a decrease of 12.3% from ¥79.87 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥2.08 billion, a decline of 12.3% from ¥2.38 billion in the prior-year period.

The normalized profit margin declined to 3.6% from 4.0% in the year-earlier period.

Total revenue came to ¥58.56 billion, compared with ¥59.11 billion in the prior-year period, and total operating expenses totaled ¥55.29 billion, compared with ¥55.37 billion in the prior-year period.

Reported net income declined 11.8% from the prior-year period to ¥1.80 billion, or ¥60.33 per share, from ¥2.04 billion, or ¥68.39 per share.

As of Aug. 11, US$1 was equivalent to ¥102.12.