Kose R.E. Co. Ltd. said its normalized net income for the fiscal first quarter ended April 30 came to ¥14.53 per share, a decrease of 12.0% from ¥16.51 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥118.0 million, a decline of 11.8% from ¥133.8 million in the year-earlier period.

The normalized profit margin declined to 6.5% from 6.8% in the year-earlier period.

Total revenue declined 7.9% on an annual basis to ¥1.81 billion from ¥1.96 billion, and total operating expenses decreased 8.4% from the prior-year period to ¥1.59 billion from ¥1.73 billion.

Reported net income decreased 30.6% on an annual basis to ¥110.5 million, or ¥13.61 per share, from ¥159.2 million, or ¥19.64 per share.

As of June 12, US$1 was equivalent to ¥123.29.