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Horiifoodservice fiscal Q1 profit falls YOY

Horiifoodservice Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥7.61 per share, a decline of 66.8% from ¥22.93 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥43.1 million, a decrease of 33.7% from ¥65.0 million in the prior-year period.

The normalized profit margin declined to 2.1% from 3.4% in the year-earlier period.

Total revenue rose 7.5% year over year to ¥2.05 billion from ¥1.90 billion, and total operating expenses climbed 10.2% year over year to ¥1.98 billion from ¥1.80 billion.

Reported net income declined 16.7% year over year to ¥40.0 million, or ¥7.06 per share, from ¥48.0 million, or ¥16.93 per share.

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