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Watts Co. fiscal Q2 profit falls YOY

Watts Co. Ltd. said its normalized net income for the fiscal second quarter ended Feb. 28 was ¥18.50 per share, a decline of 13.4% from ¥21.36 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥250.6 million, a decline of 13.4% from ¥289.4 million in the prior-year period.

The normalized profit margin declined to 2.3% from 2.7% in the year-earlier period.

Total revenue climbed on an annual basis to ¥11.08 billion from ¥10.82 billion, and total operating expenses grew from the prior-year period to ¥10.66 billion from ¥10.34 billion.

Reported net income decreased 15.1% on an annual basis to ¥186.0 million, or ¥13.73 per share, from ¥219.0 million, or ¥16.16 per share.

As of April 10, US$1 was equivalent to ¥120.22.