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Showa Sangyo fiscal Q2 profit falls YOY

Showa Sangyo Co. Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to ¥36.03 per share, a decline of 21.2% from ¥45.75 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 22.9% from ¥1.49 billion in the year-earlier period.

The normalized profit margin declined to 1.9% from 2.5% in the year-earlier period.

Total revenue climbed year over year to ¥61.30 billion from ¥60.43 billion, and total operating expenses grew on an annual basis to ¥59.42 billion from ¥58.24 billion.

Reported net income decreased 25.5% year over year to ¥1.19 billion, or ¥37.14 per share, from ¥1.59 billion, or ¥48.82 per share.

As of Nov. 14, US$1 was equivalent to ¥116.46.