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Yokohama Reito fiscal Q1 profit falls YOY

Yokohama Reito Co. Ltd. said its normalized net income for the fiscal first quarter ended Dec. 31, 2014, came to ¥14.04 per share, a decline of 27.4% from ¥19.34 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥829.9 million, a decrease of 27.4% from ¥1.14 billion in the prior-year period.

The normalized profit margin fell to 2.1% from 3.1% in the year-earlier period.

Total revenue rose 9.8% year over year to ¥39.94 billion from ¥36.37 billion, and total operating expenses grew 12.0% on an annual basis to ¥38.64 billion from ¥34.52 billion.

Reported net income declined 20.1% on an annual basis to ¥880.8 million, or ¥14.90 per share, from ¥1.10 billion, or ¥18.65 per share.

As of Feb. 13, US$1 was equivalent to ¥118.68.