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Renown fiscal Q1 profit falls YOY

Renown Inc. said its normalized net income for the fiscal first quarter ended May 31 came to ¥4.70 per share, a decrease of 27.1% from ¥6.45 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥475.3 million, a decrease of 8.8% from ¥521.0 million in the year-earlier period.

The normalized profit margin declined to 2.9% from 3.1% in the year-earlier period.

Total revenue decreased on an annual basis to ¥16.22 billion from ¥16.98 billion, and total operating expenses fell on an annual basis to ¥15.53 billion from ¥16.25 billion.

Reported net income decreased 9.0% year over year to ¥717.0 million, or ¥7.09 per share, from ¥788.0 million, or ¥9.75 per share.

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