Nippon Ski Resort Development Co. Ltd. said its normalized net income for the fiscal third quarter ended April 30 was ¥42.73 per share, a decline of 24.5% from ¥56.59 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥341.9 million, a decrease of 23.4% from ¥446.4 million in the year-earlier period.

The normalized profit margin dropped to 14.3% from 17.7% in the year-earlier period.

Total revenue declined 5.6% year over year to ¥2.39 billion from ¥2.53 billion, and total operating expenses climbed on an annual basis to ¥1.77 billion from ¥1.73 billion.

Reported net income decreased 16.3% from the prior-year period to ¥437.0 million, or ¥54.62 per share, from ¥522.0 million, or ¥66.18 per share.

As of June 10, US$1 was equivalent to ¥106.89.