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Crops Corp. fiscal Q1 profit falls YOY

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Crops Corp. fiscal Q1 profit falls YOY

Crops Corp. said its normalized net income for the fiscal first quarter ended June 30 came to ¥9.99 per share, a decline of 28.9% from ¥14.05 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥95.9 million, a decline of 28.9% from ¥134.9 million in the prior-year period.

The normalized profit margin dropped to 1.6% from 2.2% in the year-earlier period.

Total revenue totaled ¥5.99 billion, compared with ¥6.00 billion in the year-earlier period, and total operating expenses came to ¥5.83 billion, compared with ¥5.78 billion in the year-earlier period.

Reported net income decreased 38.1% year over year to ¥65.0 million, or ¥6.77 per share, from ¥105.0 million, or ¥10.94 per share.

As of Aug. 12, US$1 was equivalent to ¥102.19.