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Kanemitsu fiscal Q1 profit falls YOY

Kanemitsu Corp. said its normalized net income for the fiscal first quarter ended June 30 was ¥14.01 per share, a decline of 7.1% from ¥15.08 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥71.6 million, a decrease of 7.1% from ¥77.1 million in the prior-year period.

The normalized profit margin declined to 3.8% from 4.3% in the year-earlier period.

Total revenue rose 7.4% on an annual basis to ¥1.91 billion from ¥1.78 billion, and total operating expenses climbed 7.1% from the prior-year period to ¥1.76 billion from ¥1.64 billion.

Reported net income increased 11.8% year over year to ¥85.0 million, or ¥16.62 per share, from ¥76.0 million, or ¥14.86 per share.

As of Aug. 7, US$1 was equivalent to ¥102.16.