Faltec Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥18.74 per share, a decline of 25.1% from ¥25.03 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥173.4 million, a decline of 25.3% from ¥232.3 million in the prior-year period.

The normalized profit margin dropped to 1.0% from 1.4% in the year-earlier period.

Total revenue grew year over year to ¥17.61 billion from ¥16.95 billion, and total operating expenses grew from the prior-year period to ¥17.30 billion from ¥16.70 billion.

Reported net income declined 14.4% on an annual basis to ¥239.3 million, or ¥25.87 per share, from ¥279.6 million, or ¥30.14 per share.

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