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Nittan Valve fiscal Q1 profit falls YOY

Nittan Valve Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥7.74 per share, a decline of 29.6% from ¥11.00 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥223.6 million, a decline of 29.7% from ¥317.9 million in the year-earlier period.

The normalized profit margin declined to 2.3% from 3.4% in the year-earlier period.

Total revenue increased 5.3% on an annual basis to ¥9.79 billion from ¥9.29 billion, and total operating expenses rose 7.3% year over year to ¥9.29 billion from ¥8.66 billion.

Reported net income fell 71.0% year over year to ¥108.0 million, or ¥3.74 per share, from ¥373.0 million, or ¥12.91 per share.

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