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CVS Bay Area fiscal Q2 profit climbs 7.6% YOY

CVS Bay Area Inc. said its normalized net income for the fiscal second quarter ended Aug. 31 came to ¥16.21 per share, an increase of 7.6% from ¥15.07 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥80.0 million, an increase of 7.6% from ¥74.4 million in the year-earlier period.

The normalized profit margin increased to 1.1% from 0.9% in the year-earlier period.

Total revenue decreased 5.6% on an annual basis to ¥7.47 billion from ¥7.92 billion, and total operating expenses decreased 5.8% year over year to ¥7.37 billion from ¥7.82 billion.

Reported net income grew from the prior-year period to ¥177.0 million, or ¥35.86 per share, from ¥57.0 million, or ¥11.55 per share.

As of Oct. 14, US$1 was equivalent to ¥107.05.