Ifuji Sangyo Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥7.88 per share, a decrease of 42.0% from ¥13.57 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥65.6 million, a decline of 42.0% from ¥113.1 million in the prior-year period.

The normalized profit margin declined to 2.1% from 4.4% in the year-earlier period.

Total revenue climbed 22.1% on an annual basis to ¥3.17 billion from ¥2.60 billion, and total operating expenses rose 26.8% from the prior-year period to ¥3.07 billion from ¥2.42 billion.

Reported net income declined 41.1% on an annual basis to ¥73.0 million, or ¥8.76 per share, from ¥124.0 million, or ¥14.88 per share.

As of Aug. 6, US$1 was equivalent to ¥102.36.