Showa Corp. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥23.23 per share, a decline of 28.7% from ¥32.58 per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.76 billion, a decline of 28.7% from ¥2.47 billion in the year-earlier period.
The normalized profit margin dropped to 2.6% from 3.7% in the year-earlier period.
Total revenue came to ¥66.99 billion, compared with ¥67.07 billion in the prior-year period, and total operating expenses grew from the prior-year period to ¥62.95 billion from ¥62.07 billion.
Reported net income fell 41.8% year over year to ¥1.50 billion, or ¥19.80 per share, from ¥2.58 billion, or ¥34.01 per share.
As of Aug. 8, US$1 was equivalent to ¥101.85.
