Sagami Rubber Industries Co. Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to ¥2.46 per share, a decline of 75.8% from ¥10.19 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥26.8 million, a decrease of 75.8% from ¥110.8 million in the prior-year period.

The normalized profit margin fell to 2.5% from 8.8% in the year-earlier period.

Total revenue declined 15.8% on an annual basis to ¥1.06 billion from ¥1.26 billion, and total operating expenses came to ¥1.06 billion, compared with ¥1.07 billion in the prior-year period.

Reported net income declined 86.2% on an annual basis to ¥17.0 million, or ¥1.56 per share, from ¥123.0 million, or ¥11.31 per share.

As of Nov. 13, US$1 was equivalent to ¥122.78.