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Central Automotive Products fiscal Q1 profit falls YOY

Central Automotive Products Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥15.89 per share, a decrease of 20.3% from ¥19.95 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥286.9 million, a decrease of 20.3% from ¥360.0 million in the prior-year period.

The normalized profit margin dropped to 7.9% from 10.6% in the year-earlier period.

Total revenue increased 7.3% year over year to ¥3.64 billion from ¥3.39 billion, and total operating expenses grew 10.4% from the prior-year period to ¥3.27 billion from ¥2.96 billion.

Reported net income declined 15.3% from the prior-year period to ¥311.0 million, or ¥17.23 per share, from ¥367.0 million, or ¥20.33 per share.

As of Aug. 7, US$1 was equivalent to ¥102.16.