Sanoh Industrial Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was ¥18.37 per share, a decline of 30.7% from ¥26.52 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥668.8 million, a decline of 30.7% from ¥965.3 million in the year-earlier period.

The normalized profit margin dropped to 2.2% from 4.0% in the year-earlier period.

Total revenue grew 27.9% year over year to ¥31.08 billion from ¥24.30 billion, and total operating expenses rose 28.8% on an annual basis to ¥29.66 billion from ¥23.03 billion.

Reported net income fell 39.8% year over year to ¥535.0 million, or ¥14.70 per share, from ¥889.0 million, or ¥24.43 per share.

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