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Sankyo Seiko fiscal Q1 profit falls YOY

Sankyo Seiko Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥5.66 per share, a decline of 30.3% from ¥8.12 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥256.1 million, a decline of 30.3% from ¥367.6 million in the year-earlier period.

The normalized profit margin dropped to 3.3% from 4.2% in the year-earlier period.

Total revenue decreased 11.5% year over year to ¥7.82 billion from ¥8.84 billion, and total operating expenses fell 9.7% from the prior-year period to ¥7.61 billion from ¥8.43 billion.

Reported net income decreased 50.3% on an annual basis to ¥234.0 million, or ¥5.17 per share, from ¥471.0 million, or ¥10.41 per share.

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