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Hiramatsu fiscal Q1 profit falls YOY

Hiramatsu Inc. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥9.75 per share, a decrease of 39.7% from ¥16.15 per share in the first quarter ended Dec. 31, 2013.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥391.3 million, a decline of 37.0% from ¥620.6 million in the first quarter ended Dec. 31, 2013.

The normalized profit margin dropped to 14.2% from 19.3% in the year-earlier period.

Total revenue decreased 14.1% on an annual basis to ¥2.75 billion from ¥3.21 billion, and total operating expenses fell on an annual basis to ¥2.14 billion from ¥2.20 billion.

Reported net income fell 36.3% on an annual basis to ¥399.4 million, or ¥9.95 per share, from ¥626.7 million, or ¥16.31 per share.

As of Aug. 14, US$1 was equivalent to ¥102.44.