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Asahi Kasei fiscal Q1 profit falls YOY

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Asahi Kasei fiscal Q1 profit falls YOY

Asahi Kasei Corp. said its normalized net income for the fiscal first quarter ended June 30 was ¥12.04 per share, a decrease from ¥12.17 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥16.83 billion, a decline from ¥17.01 billion in the prior-year period.

The normalized profit margin fell to 3.8% from 4.0% in the year-earlier period.

Total revenue increased on an annual basis to ¥447.15 billion from ¥429.96 billion, and total operating expenses climbed on an annual basis to ¥420.50 billion from ¥401.64 billion.

Reported net income declined 13.4% year over year to ¥17.00 billion, or ¥12.16 per share, from ¥19.63 billion, or ¥14.05 per share.

As of Aug. 13, US$1 was equivalent to ¥102.37.