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Toray Industries fiscal Q3 profit falls YOY

Toray Industries Inc. said its normalized net income for the fiscal third quarter ended Dec. 31, 2016, came to ¥14.16 per share, a decrease of 9.2% from ¥15.60 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥22.67 billion, a decline of 9.2% from ¥24.97 billion in the year-earlier period.

The normalized profit margin dropped to 4.2% from 4.5% in the year-earlier period.

Total revenue decreased year over year to ¥535.17 billion from ¥551.71 billion, and total operating expenses fell year over year to ¥497.24 billion from ¥508.72 billion.

Reported net income fell 12.1% year over year to ¥23.47 billion, or ¥14.66 per share, from ¥26.71 billion, or ¥16.69 per share.

As of Feb. 13, US$1 was equivalent to ¥113.90.