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Seiko Holdings fiscal Q1 profit falls YOY

Seiko Holdings Corp. said its normalized net income for the fiscal first quarter ended June 30 came to ¥32.42 per share, a decrease of 18.1% from ¥39.57 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.34 billion, a decline of 18.1% from ¥1.64 billion in the year-earlier period.

The normalized profit margin dropped to 2.1% from 2.3% in the year-earlier period.

Total revenue decreased 8.8% on an annual basis to ¥64.23 billion from ¥70.39 billion, and total operating expenses fell 9.1% from the prior-year period to ¥61.38 billion from ¥67.54 billion.

Reported net income fell 72.8% year over year to ¥939.0 million, or ¥22.72 per share, from ¥3.45 billion, or ¥83.56 per share.

As of Aug. 13, US$1 was equivalent to ¥102.37.