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Shoei Foods fiscal Q1 profit falls YOY

Shoei Foods Corp. said its normalized net income for the fiscal first quarter ended Jan. 31 amounted to ¥28.21 per share, a decline from ¥29.45 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥548.8 million, a decrease from ¥572.9 million in the prior-year period.

The normalized profit margin fell to 2.0% from 2.2% in the year-earlier period.

Total revenue increased 8.4% on an annual basis to ¥27.61 billion from ¥25.46 billion, and total operating expenses rose 9.0% on an annual basis to ¥26.91 billion from ¥24.69 billion.

Reported net income increased 62.2% year over year to ¥952.0 million, or ¥48.95 per share, from ¥587.0 million, or ¥30.18 per share.

As of March 17, US$1 was equivalent to ¥121.28.