Mitsubishi Chemical Holdings Corp. said its normalized net income for the fiscal first quarter ended June 30 was ¥15.81 per share, a decrease of 24.1% from ¥20.82 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥23.17 billion, a decline of 24.1% from ¥30.52 billion in the year-earlier period.

The normalized profit margin fell to 2.8% from 3.2% in the year-earlier period.

Total revenue declined 11.9% on an annual basis to ¥829.38 billion from ¥941.03 billion, and total operating expenses decreased 11.9% on an annual basis to ¥766.47 billion from ¥870.08 billion.

Reported net income fell 25.1% from the prior-year period to ¥26.07 billion, or ¥17.79 per share, from ¥34.79 billion, or ¥23.74 per share.

As of Aug. 10, US$1 was equivalent to ¥101.31.