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AppBank Q3 profit falls YOY

AppBank Co. Ltd. said its third-quarter normalized net income was 9 Japanese sen per share, a decline of 99.6% from ¥25.70 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥625,000, a decrease of 99.6% from ¥165.0 million in the year-earlier period.

The normalized profit margin fell to 0.1% from 17.7% in the year-earlier period.

Total revenue declined 33.5% year over year to ¥618.0 million from ¥930.0 million, and total operating expenses decreased 9.2% on an annual basis to ¥615.0 million from ¥677.0 million.

Reported net income totaled a loss of ¥5.0 million, or a loss of 76 sen per share, compared to income of ¥187.0 million, or ¥29.13 per share, in the prior-year period.

As of Nov. 14, US$1 was equivalent to ¥108.46.