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Meiko Network Japan fiscal Q3 profit falls YOY

Meiko Network Japan Co. Ltd. said its normalized net income for the fiscal third quarter ended May 31 came to 64 Japanese sen per share, a decrease of 70.3% from ¥2.16 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥17.8 million, a decline of 70.3% from ¥59.8 million in the prior-year period.

The normalized profit margin fell to 0.5% from 1.9% in the year-earlier period.

Total revenue increased 17.7% year over year to ¥3.73 billion from ¥3.17 billion, and total operating expenses grew 21.1% from the prior-year period to ¥3.72 billion from ¥3.07 billion.

Reported net income totaled a loss of ¥18.0 million, or a loss of 65 sen per share, compared to income of ¥50.0 million, or ¥1.81 per share, in the year-earlier period.

As of July 13, US$1 was equivalent to ¥123.47.