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Subaru fiscal Q1 profit falls YOY

Subaru Corp. said its normalized net income for the fiscal first quarter ended June 30 was ¥85.83 per share, a decrease of 17.6% from ¥104.20 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥66.98 billion, a decline of 17.6% from ¥81.31 billion in the year-earlier period.

The normalized profit margin dropped to 8.7% from 10.6% in the year-earlier period.

Total revenue totaled ¥769.38 billion, compared with ¥765.27 billion in the year-earlier period, and total operating expenses grew 5.8% year over year to ¥667.84 billion from ¥631.06 billion.

Reported net income fell 6.3% from the prior-year period to ¥78.87 billion, or ¥101.06 per share, from ¥84.18 billion, or ¥107.88 per share.

As of Aug. 5, US$1 was equivalent to ¥101.87.