Tokyo Gas Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥62.59 per share, a decrease of 47.8% from ¥119.87 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥29.36 billion, a decline of 49.4% from ¥58.06 billion in the prior-year period.

The normalized profit margin declined to 7.8% from 11.9% in the year-earlier period.

Total revenue declined 22.9% on an annual basis to ¥375.72 billion from ¥487.38 billion, and total operating expenses decreased 16.3% year over year to ¥328.61 billion from ¥392.84 billion.

Reported net income declined 46.6% on an annual basis to ¥39.19 billion, or ¥83.55 per share, from ¥73.41 billion, or ¥151.57 per share.

As of Aug. 15, US$1 was equivalent to ¥101.04.