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CVS Bay Area fiscal Q1 profit falls YOY

CVS Bay Area Inc. said its normalized net income for the fiscal first quarter ended May 31 amounted to ¥2.15 per share, a decrease of 62.2% from ¥5.70 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥10.6 million, a decline of 62.2% from ¥28.1 million in the year-earlier period.

The normalized profit margin fell to 0.1% from 0.4% in the year-earlier period.

Total revenue decreased on an annual basis to ¥7.44 billion from ¥7.54 billion, and total operating expenses fell from the prior-year period to ¥7.40 billion from ¥7.51 billion.

Reported net income decreased 62.6% on an annual basis to ¥34.0 million, or ¥6.89 per share, from ¥91.0 million, or ¥18.43 per share.

As of July 14, US$1 was equivalent to ¥101.58.