Pacific Industrial Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥15.25 per share, a decline of 36.3% from ¥23.94 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥920.8 million, a decrease of 28.4% from ¥1.29 billion in the prior-year period.

The normalized profit margin declined to 4.0% from 5.8% in the year-earlier period.

Total revenue increased year over year to ¥23.26 billion from ¥22.24 billion, and total operating expenses rose 6.4% from the prior-year period to ¥22.03 billion from ¥20.71 billion.

Reported net income declined 28.1% on an annual basis to ¥1.00 billion, or ¥16.58 per share, from ¥1.39 billion, or ¥25.95 per share.

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