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Showa Sangyo fiscal Q3 profit falls YOY

Showa Sangyo Co. Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to ¥33.60 per share, a decrease of 31.8% from ¥49.25 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.07 billion, a decrease of 33.1% from ¥1.60 billion in the prior-year period.

The normalized profit margin dropped to 1.7% from 2.5% in the year-earlier period.

Total revenue declined year over year to ¥63.05 billion from ¥64.13 billion, and total operating expenses came to ¥61.52 billion, compared with ¥61.76 billion in the prior-year period.

Reported net income fell 29.3% from the prior-year period to ¥1.18 billion, or ¥37.04 per share, from ¥1.68 billion, or ¥51.43 per share.

As of Feb. 13, US$1 was equivalent to ¥118.68.