Sumitomo Rubber Industries Ltd. said its normalized net income for the first quarter came to ¥28.35 per share, a decline of 28.4% from ¥39.60 per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥7.44 billion, a decrease of 28.4% from ¥10.39 billion in the prior-year period.
The normalized profit margin fell to 4.0% from 5.4% in the year-earlier period.
Total revenue declined year over year to ¥185.16 billion from ¥190.71 billion, and total operating expenses totaled ¥173.03 billion, compared with ¥172.23 billion in the year-earlier period.
Reported net income declined 29.3% on an annual basis to ¥7.69 billion, or ¥29.33 per share, from ¥10.88 billion, or ¥41.46 per share.
As of May 8, US$1 was equivalent to ¥119.78.
