Subaru Corp. said its normalized net income for the fiscal second quarter ended Sept. 30 was ¥76.86 per share, a decline of 21.6% from ¥98.01 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥58.93 billion, a decline of 22.2% from ¥75.72 billion in the year-earlier period.

The normalized profit margin dropped to 7.1% from 9.4% in the year-earlier period.

Total revenue increased year over year to ¥831.54 billion from ¥808.27 billion, and total operating expenses grew 5.3% from the prior-year period to ¥738.76 billion from ¥701.29 billion.

Reported net income fell 96.8% on an annual basis to ¥2.68 billion, or ¥3.49 per share, from ¥84.97 billion, or ¥109.99 per share.

As of Nov. 9, US$1 was equivalent to ¥113.67.