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Mitsuba fiscal Q1 profit falls YOY

Mitsuba Corp. said its normalized net income for the fiscal first quarter ended June 30 came to ¥48.64 per share, a decrease of 19.5% from ¥60.45 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥2.18 billion, a decline of 19.6% from ¥2.71 billion in the year-earlier period.

The normalized profit margin dropped to 2.9% from 4.3% in the year-earlier period.

Total revenue rose 18.2% on an annual basis to ¥73.91 billion from ¥62.53 billion, and total operating expenses grew 17.4% year over year to ¥69.36 billion from ¥59.10 billion.

Reported net income fell 38.5% on an annual basis to ¥2.13 billion, or ¥47.48 per share, from ¥3.46 billion, or ¥77.22 per share.

As of Aug. 8, US$1 was equivalent to ¥101.85.