Nippon Flour Mills Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥19.97 per share, a decrease of 15.1% from ¥23.54 per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.65 billion, a decline of 15.2% from ¥1.95 billion in the year-earlier period.
The normalized profit margin declined to 2.2% from 2.8% in the year-earlier period.
Total revenue grew 7.2% on an annual basis to ¥73.87 billion from ¥68.88 billion, and total operating expenses rose 8.0% year over year to ¥71.67 billion from ¥66.39 billion.
Reported net income decreased 12.7% from the prior-year period to ¥1.79 billion, or ¥21.65 per share, from ¥2.05 billion, or ¥24.79 per share.
As of Aug. 13, US$1 was equivalent to ¥102.37.