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Autobacs Seven fiscal Q1 profit falls YOY

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Autobacs Seven fiscal Q1 profit falls YOY

Autobacs Seven Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was ¥3.02 per share, a decline of 81.6% from ¥16.42 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥268.3 million, a decrease of 82.3% from ¥1.52 billion in the year-earlier period.

The normalized profit margin fell to 0.6% from 2.9% in the year-earlier period.

Total revenue decreased 7.5% year over year to ¥48.47 billion from ¥52.41 billion, and total operating expenses decreased from the prior-year period to ¥48.65 billion from ¥50.51 billion.

Reported net income declined 87.6% year over year to ¥156.0 million, or ¥1.76 per share, from ¥1.26 billion, or ¥13.67 per share.

As of Aug. 7, US$1 was equivalent to ¥102.16.