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Sanyo Electric Railway fiscal Q1 profit falls YOY

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Sanyo Electric Railway fiscal Q1 profit falls YOY

Sanyo Electric Railway Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥33.81 per share, a decline of 11.7% from ¥38.28 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥751.9 million, a decline of 11.7% from ¥851.4 million in the year-earlier period.

The normalized profit margin fell to 6.5% from 7.1% in the year-earlier period.

Total revenue decreased on an annual basis to ¥11.57 billion from ¥12.07 billion, and total operating expenses declined year over year to ¥10.34 billion from ¥10.66 billion.

Reported net income declined year over year to ¥794.0 million, or ¥35.71 per share, from ¥823.0 million, or ¥37.01 per share.

As of Aug. 7, US$1 was equivalent to ¥102.16.