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SRS Holdings fiscal Q1 profit falls YOY

SRS Holdings Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 62 Japanese sen per share, a decrease of 56.3% from ¥1.41 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥17.4 million, a decline of 56.3% from ¥39.8 million in the year-earlier period.

The normalized profit margin declined to 0.2% from 0.6% in the year-earlier period.

Total revenue grew 38.5% on an annual basis to ¥8.92 billion from ¥6.44 billion, and total operating expenses climbed 38.8% from the prior-year period to ¥8.86 billion from ¥6.38 billion.

Reported net income totaled a loss of ¥12.0 million, or a loss of 43 sen per share, compared to income of ¥45.0 million, or ¥1.60 per share, in the year-earlier period.

As of Aug. 12, US$1 was equivalent to ¥102.19.