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Watami fiscal Q3 profit falls YOY

Watami Co. Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was ¥4.97 per share, a decrease of 80.5% from ¥25.44 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥185.5 million, a decrease of 81.8% from ¥1.02 billion in the year-earlier period.

The normalized profit margin dropped to 0.5% from 2.4% in the year-earlier period.

Total revenue decreased 5.1% on an annual basis to ¥40.28 billion from ¥42.43 billion, and total operating expenses decreased year over year to ¥39.56 billion from ¥40.82 billion.

Reported net income came to a loss of ¥1.53 billion, or a loss of ¥41.00 per share, compared to income of ¥407.3 million, or ¥10.18 per share, in the year-earlier period.

As of Feb. 13, US$1 was equivalent to ¥118.68.