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Nippon Seiki fiscal Q1 profit falls YOY

Nippon Seiki Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was ¥52.08 per share, a decline of 15.5% from ¥61.65 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥2.99 billion, a decline of 15.5% from ¥3.53 billion in the year-earlier period.

The normalized profit margin dropped to 5.4% from 7.1% in the year-earlier period.

Total revenue rose 10.9% on an annual basis to ¥54.95 billion from ¥49.56 billion, and total operating expenses rose 6.6% year over year to ¥49.39 billion from ¥46.35 billion.

Reported net income declined 10.5% from the prior-year period to ¥3.44 billion, or ¥59.92 per share, from ¥3.84 billion, or ¥66.92 per share.

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