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Earth Chemical Q1 profit falls YOY

Earth Corp. said its first-quarter normalized net income amounted to ¥81.13 per share, a decrease of 28.6% from ¥113.60 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.64 billion, a decrease of 28.6% from ¥2.29 billion in the year-earlier period.

The normalized profit margin fell to 4.4% from 6.9% in the year-earlier period.

Total revenue increased 10.3% on an annual basis to ¥36.83 billion from ¥33.38 billion, and total operating expenses grew 14.8% from the prior-year period to ¥34.04 billion from ¥29.65 billion.

Reported net income fell 29.3% year over year to ¥1.46 billion, or ¥72.10 per share, from ¥2.06 billion, or ¥101.90 per share.

As of May 12, US$1 was equivalent to ¥119.88.