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Watts Co. fiscal Q3 profit falls YOY

Watts Co. Ltd. said its normalized net income for the fiscal third quarter ended May 31 amounted to ¥15.22 per share, a decline of 31.5% from ¥22.24 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥206.3 million, a decline of 31.5% from ¥301.3 million in the year-earlier period.

The normalized profit margin fell to 1.8% from 2.7% in the year-earlier period.

Total revenue grew year over year to ¥11.29 billion from ¥11.16 billion, and total operating expenses increased from the prior-year period to ¥10.96 billion from ¥10.69 billion.

Reported net income declined 42.9% from the prior-year period to ¥160.0 million, or ¥11.81 per share, from ¥280.0 million, or ¥20.67 per share.

As of July 10, US$1 was equivalent to ¥122.69.