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Makita fiscal Q1 profit falls YOY

Makita Corp. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥42.38 per share, compared with ¥42.66 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥11.50 billion, compared with ¥11.58 billion in the prior-year period.

The normalized profit margin climbed to 11.4% from 10.8% in the year-earlier period.

Total revenue declined 5.9% on an annual basis to ¥101.28 billion from ¥107.57 billion, and total operating expenses fell 7.8% from the prior-year period to ¥83.22 billion from ¥90.24 billion.

Reported net income rose 21.4% on an annual basis to ¥13.22 billion, or ¥48.70 per share, from ¥10.89 billion, or ¥40.13 per share.

As of Aug. 9, US$1 was equivalent to ¥101.89.