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TOYO Corp. fiscal Q1 profit falls YOY

TOYO Corp. said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, amounted to ¥3.29 per share, a decrease of 52.0% from ¥6.86 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥85.0 million, a decline of 55.1% from ¥189.4 million in the prior-year period.

The normalized profit margin dropped to 1.8% from 4.1% in the year-earlier period.

Total revenue rose 5.0% on an annual basis to ¥4.80 billion from ¥4.58 billion, and total operating expenses increased 6.6% on an annual basis to ¥4.70 billion from ¥4.41 billion.

Reported net income decreased 61.9% from the prior-year period to ¥78.0 million, or ¥3.00 per share, from ¥204.7 million, or ¥7.42 per share.

As of Feb. 12, US$1 was equivalent to ¥112.83.