Bell-Park Co.Ltd. said its first-quarter normalized net income came to ¥111.69 per share, a decline of 20.7% from ¥140.79 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥721.9 million, a decline of 21.1% from ¥915.0 million in the year-earlier period.

The normalized profit margin fell to 3.0% from 3.5% in the year-earlier period.

Total revenue declined 8.1% year over year to ¥24.01 billion from ¥26.12 billion, and total operating expenses fell 7.2% from the prior-year period to ¥22.85 billion from ¥24.63 billion.

Reported net income declined 19.9% from the prior-year period to ¥637.3 million, or ¥98.60 per share, from ¥795.3 million, or ¥122.38 per share.

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