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Musashi Seimitsu fiscal Q1 profit falls YOY

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Musashi Seimitsu fiscal Q1 profit falls YOY

Musashi Seimitsu Industry Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥36.13 per share, a decrease of 27.9% from ¥50.13 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.23 billion, a decline of 21.2% from ¥1.56 billion in the prior-year period.

The normalized profit margin dropped to 3.2% from 4.4% in the year-earlier period.

Total revenue grew 8.5% on an annual basis to ¥38.33 billion from ¥35.33 billion, and total operating expenses climbed 8.1% on an annual basis to ¥35.67 billion from ¥32.98 billion.

Reported net income declined 30.1% year over year to ¥1.39 billion, or ¥40.64 per share, from ¥1.98 billion, or ¥63.60 per share.

As of Aug. 8, US$1 was equivalent to ¥101.85.