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Mitsuchi fiscal Q1 profit falls YOY

Mitsuchi Corp. said its normalized net income for the fiscal first quarter ended Sept. 30 came to ¥39.74 per share, a decline of 36.2% from ¥62.27 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥100.6 million, a decrease of 36.1% from ¥157.5 million in the year-earlier period.

The normalized profit margin declined to 2.9% from 4.5% in the year-earlier period.

Total revenue came to ¥3.53 billion, compared with ¥3.51 billion in the prior-year period, and total operating expenses grew on an annual basis to ¥3.37 billion from ¥3.28 billion.

Reported net income rose 68.3% on an annual basis to ¥170.0 million, or ¥67.14 per share, from ¥101.0 million, or ¥39.93 per share.

As of Nov. 12, US$1 was equivalent to ¥122.92.