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Kuwayama fiscal Q1 profit falls YOY

Kuwayama Corp. said its normalized net income for the fiscal first quarter ended June 30 was ¥19.39 per share, a decrease from ¥19.76 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥195.0 million, a decrease from ¥198.8 million in the prior-year period.

The normalized profit margin rose to 2.6% from 2.4% in the year-earlier period.

Total revenue fell 10.7% year over year to ¥7.42 billion from ¥8.31 billion, and total operating expenses decreased 11.1% on an annual basis to ¥7.11 billion from ¥8.00 billion.

Reported net income came to ¥231.0 million, or ¥22.97 per share, compared to ¥229.0 million, or ¥22.77 per share, in the year-earlier period.

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