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Sagami Rubber Industries fiscal Q1 profit falls YOY

Sagami Rubber Industries Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥2.24 per share, a decline of 70.6% from ¥7.63 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥24.4 million, a decline of 70.6% from ¥83.0 million in the prior-year period.

The normalized profit margin dropped to 2.3% from 7.6% in the year-earlier period.

Total revenue fell year over year to ¥1.05 billion from ¥1.09 billion, and total operating expenses decreased on an annual basis to ¥998.0 million from ¥1.01 billion.

Reported net income fell 79.8% from the prior-year period to ¥22.0 million, or ¥2.02 per share, from ¥109.0 million, or ¥10.02 per share.

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