Komatsu Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥16.22 per share, a decline of 44.5% from ¥29.22 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥15.31 billion, a decrease of 44.5% from ¥27.58 billion in the prior-year period.

The normalized profit margin dropped to 3.9% from 6.2% in the year-earlier period.

Total revenue fell 12.8% year over year to ¥389.25 billion from ¥446.25 billion, and total operating expenses decreased 9.4% from the prior-year period to ¥359.46 billion from ¥396.74 billion.

Reported net income declined 52.1% from the prior-year period to ¥15.59 billion, or ¥16.52 per share, from ¥32.55 billion, or ¥34.49 per share.

As of Aug. 10, US$1 was equivalent to ¥101.31.