Tokyu Recreation Co. Ltd. said its normalized net income for the first quarter amounted to ¥1.62 per share, a decrease of 72.0% from ¥5.79 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥47.5 million, a decrease of 72.1% from ¥170.0 million in the prior-year period.

The normalized profit margin dropped to 0.7% from 2.2% in the year-earlier period.

Total revenue fell 11.1% year over year to ¥6.72 billion from ¥7.56 billion, and total operating expenses declined 9.3% year over year to ¥6.58 billion from ¥7.25 billion.

Reported net income declined 74.0% from the prior-year period to ¥19.0 million, or 65 sen per share, from ¥73.0 million, or ¥2.49 per share.

As of May 14, US$1 was equivalent to ¥119.24.