Kubota Corp. said its normalized net income for the first quarter amounted to ¥17.75 per share, a decrease of 29.6% from ¥25.23 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥22.01 billion, a decline of 29.9% from ¥31.39 billion in the prior-year period.

The normalized profit margin fell to 5.5% from 7.7% in the year-earlier period.

Total revenue came to ¥402.82 billion, compared with ¥405.37 billion in the year-earlier period, and total operating expenses climbed year over year to ¥363.47 billion from ¥347.80 billion.

Reported net income fell 24.1% year over year to ¥27.58 billion, or ¥22.25 per share, from ¥36.35 billion, or ¥29.21 per share.

As of May 11, US$1 was equivalent to ¥113.72.