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ORIX posts 5.8% YOY decrease in fiscal Q1 net income

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ORIX posts 5.8% YOY decrease in fiscal Q1 net income

ORIXCorp. reported a 5.8% year-over-year decrease in net income for thefiscal first quarter ended June 30.

The company's net income attributable to shareholders fell to¥76.77 billion from ¥81.51 billion. EPS fell year over year to ¥58.58 from¥62.22.

The company's operating income fell 19.4% year over year to¥87.42 billion from ¥108.53 billion, while total revenues dropped to ¥587.95billion from ¥606.12 billion.

Total expenses for the quarter rose to ¥500.52 billion from¥497.59 billion.

ORIX said life insurance premiums and related investmentincome decreased as investment income from assets under variable annuity andlife insurance contracts held by Hartford Life Insurance KK decreasedsignificantly over the period.

On the other hand, the company's real estate and investmentand operation segments generated higher profits during the period. In theretail segment, each subsidiary's income, excluding investment losses due tofluctuations in market prices, increased.

As of July 25, US$1was equivalent to ¥106.07.