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Sumitomo Forestry fiscal Q3 profit falls YOY

Sumitomo Forestry Co. Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was ¥6.13 per share, a decline of 40.2% from ¥10.26 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.15 billion, a decline of 40.2% from ¥1.93 billion in the year-earlier period.

The normalized profit margin dropped to 0.5% from 0.8% in the year-earlier period.

Total revenue declined on an annual basis to ¥229.69 billion from ¥235.17 billion, and total operating expenses decreased from the prior-year period to ¥227.26 billion from ¥231.46 billion.

Reported net income declined 57.9% year over year to ¥623.6 million, or ¥3.32 per share, from ¥1.48 billion, or ¥7.88 per share.

As of Feb. 10, US$1 was equivalent to ¥119.28.