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Toyo Sugar Refining fiscal Q1 profit falls YOY

Toyo Sugar Refining Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was ¥18.34 per share, a decline of 31.3% from ¥26.70 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥100.0 million, a decline of 31.3% from ¥145.6 million in the prior-year period.

The normalized profit margin fell to 2.8% from 4.0% in the year-earlier period.

Total revenue declined year over year to ¥3.56 billion from ¥3.68 billion, and total operating expenses decreased year over year to ¥3.41 billion from ¥3.46 billion.

Reported net income decreased 25.5% from the prior-year period to ¥111.0 million, or ¥20.35 per share, from ¥149.0 million, or ¥27.32 per share.

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