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Nissin Sugar fiscal Q1 profit falls YOY

Nissin Sugar Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥24.74 per share, a decline of 9.1% from ¥27.23 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥546.3 million, a decrease of 9.1% from ¥601.3 million in the prior-year period.

The normalized profit margin declined to 4.4% from 4.5% in the year-earlier period.

Total revenue decreased 7.8% on an annual basis to ¥12.28 billion from ¥13.31 billion, and total operating expenses declined 7.3% year over year to ¥11.53 billion from ¥12.44 billion.

Reported net income fell year over year to ¥582.0 million, or ¥26.36 per share, from ¥594.0 million, or ¥26.90 per share.

As of Aug. 13, US$1 was equivalent to ¥102.37.