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Nitto Denko fiscal Q3 profit falls YOY

Nitto Denko Corp. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was ¥110.91 per share, a decrease of 24.5% from ¥146.91 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥18.35 billion, a decrease of 24.5% from ¥24.30 billion in the prior-year period.

The normalized profit margin declined to 8.8% from 10.6% in the year-earlier period.

Total revenue decreased 9.8% on an annual basis to ¥207.64 billion from ¥230.10 billion, and total operating expenses fell 6.6% from the prior-year period to ¥178.21 billion from ¥190.82 billion.

Reported net income fell 8.1% from the prior-year period to ¥24.21 billion, or ¥146.35 per share, from ¥26.33 billion, or ¥159.23 per share.

As of Feb. 5, US$1 was equivalent to ¥117.16.