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Showa fiscal Q2 profit falls YOY

Showa Corp. said its normalized net income for the fiscal second quarter ended Sept. 30 was ¥29.11 per share, a decrease of 30.6% from ¥41.94 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥2.21 billion, a decrease of 30.6% from ¥3.19 billion in the prior-year period.

The normalized profit margin fell to 3.4% from 4.5% in the year-earlier period.

Total revenue decreased 9.0% on an annual basis to ¥64.69 billion from ¥71.09 billion, and total operating expenses declined 6.7% year over year to ¥60.88 billion from ¥65.28 billion.

Reported net income came to ¥2.27 billion, or ¥29.86 per share, compared to a loss of ¥1.42 billion, or a loss of ¥18.67 per share, in the year-earlier period.

As of Nov. 14, US$1 was equivalent to ¥116.46.