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Tiemco fiscal Q2 profit falls YOY

Tiemco Ltd. said its normalized net income for the fiscal second quarter ended May 31 was ¥7.98 per share, a decline of 23.4% from ¥10.42 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥22.5 million, a decline of 23.4% from ¥29.4 million in the year-earlier period.

The normalized profit margin fell to 3.0% from 3.5% in the year-earlier period.

Total revenue declined 9.1% on an annual basis to ¥762.0 million from ¥838.0 million, and total operating expenses fell 8.0% year over year to ¥728.0 million from ¥791.0 million.

Reported net income fell 46.4% on an annual basis to ¥15.0 million, or ¥5.32 per share, from ¥28.0 million, or ¥9.93 per share.

As of July 15, US$1 was equivalent to ¥123.95.