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Higashi Nihon House fiscal Q2 profit falls YOY

Higashi Nihon House Co. Ltd. said its normalized net income for the fiscal second quarter ended April 30 was ¥6.55 per share, a decline of 31.3% from ¥9.54 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥300.4 million, a decline of 31.3% from ¥437.5 million in the year-earlier period.

The normalized profit margin fell to 2.2% from 3.5% in the year-earlier period.

Total revenue rose 8.0% year over year to ¥13.45 billion from ¥12.46 billion, and total operating expenses climbed 10.6% from the prior-year period to ¥12.90 billion from ¥11.66 billion.

Reported net income decreased 20.2% from the prior-year period to ¥489.0 million, or ¥10.66 per share, from ¥613.0 million, or ¥13.36 per share.

As of June 12, US$1 was equivalent to ¥123.29.