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Yamaha fiscal Q1 profit falls YOY

Yamaha Corp. said its normalized net income for the fiscal first quarter ended June 30 came to ¥18.23 per share, a decline of 12.1% from ¥20.75 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥3.53 billion, a decline of 12.1% from ¥4.02 billion in the prior-year period.

The normalized profit margin dropped to 3.5% from 4.1% in the year-earlier period.

Total revenue climbed on an annual basis to ¥99.60 billion from ¥97.00 billion, and total operating expenses grew from the prior-year period to ¥93.36 billion from ¥90.84 billion.

Reported net income fell 29.9% from the prior-year period to ¥4.08 billion, or ¥21.06 per share, from ¥5.82 billion, or ¥30.05 per share.

As of Aug. 8, US$1 was equivalent to ¥101.85.