Watts Co. Ltd. said its normalized net income for the fiscal first quarter ended Nov. 30, 2014, came to ¥18.45 per share, a decrease of 9.3% from ¥20.34 per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥250.0 million, a decline of 9.3% from ¥275.6 million in the prior-year period.
The normalized profit margin dropped to 2.3% from 2.6% in the year-earlier period.
Total revenue climbed on an annual basis to ¥10.93 billion from ¥10.72 billion, and total operating expenses increased from the prior-year period to ¥10.55 billion from ¥10.29 billion.
Reported net income grew 17.6% on an annual basis to ¥307.0 million, or ¥22.66 per share, from ¥261.0 million, or ¥19.26 per share.
As of Jan. 9, US$1 was equivalent to ¥118.86.
