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Tsutsumi Jewelry fiscal Q1 profit falls YOY

Tsutsumi Jewelry Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥8.87 per share, a decline of 55.2% from ¥19.80 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥178.1 million, a decline of 55.2% from ¥397.5 million in the prior-year period.

The normalized profit margin fell to 3.9% from 5.3% in the year-earlier period.

Total revenue declined 39.4% on an annual basis to ¥4.57 billion from ¥7.54 billion, and total operating expenses decreased 37.8% on an annual basis to ¥4.31 billion from ¥6.93 billion.

Reported net income fell 56.9% from the prior-year period to ¥163.0 million, or ¥8.12 per share, from ¥378.0 million, or ¥18.83 per share.

As of Aug. 11, US$1 was equivalent to ¥102.12.