Onward Holdings Co. Ltd. said its normalized net income for the fiscal first quarter ended May 31 came to ¥22.86 per share, a decrease of 19.3% from ¥28.34 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥3.63 billion, a decline of 19.2% from ¥4.49 billion in the prior-year period.

The normalized profit margin dropped to 4.9% from 6.2% in the year-earlier period.

Total revenue increased on an annual basis to ¥73.56 billion from ¥72.17 billion, and total operating expenses climbed from the prior-year period to ¥67.60 billion from ¥65.78 billion.

Reported net income fell 8.2% year over year to ¥3.53 billion, or ¥22.24 per share, from ¥3.84 billion, or ¥24.25 per share.

As of July 15, US$1 was equivalent to ¥101.70.