Daiwa Securities Group Inc. posted a 13.3% year-over-year decline in net profit for the fiscal first quarter ended June 30 on lower commissions received and higher financial expenses.
The company said profit attributable to owners fell to ¥16.07 billion from ¥18.53 billion a year earlier. EPS fell to ¥10.21 from ¥11.38 in prior-year period.
Ordinary income dropped 30.7% year over year to ¥17.92 billion from ¥25.86 billion, while operating income fell 44.0% to ¥12.41 billion from ¥22.15 billion.
Daiwa Securities reported net operating revenue of ¥107.12 billion in the fiscal first quarter, down 7.3% from ¥115.61 billion a year earlier. The company said commissions received in the quarter fell to ¥64.96 billion from ¥73.81 billion, while net trading income increased to ¥27.99 billion from ¥26.61 billion.
The company's financial expenses for the quarter grew to ¥65.77 billion from ¥50.56 billion.
As of July 31, US$1 was equivalent to ¥108.60.