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Kubota fiscal Q2 profit falls YOY

Kubota Corp. said its normalized net income for the fiscal second quarter ended Sept. 30 came to ¥23.59 per share, a decrease of 7.7% from ¥25.56 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥29.48 billion, a decline of 8.1% from ¥32.10 billion in the year-earlier period.

The normalized profit margin declined to 7.7% from 8.7% in the year-earlier period.

Total revenue climbed on an annual basis to ¥384.34 billion from ¥367.30 billion, and total operating expenses rose 7.2% on an annual basis to ¥336.49 billion from ¥313.95 billion.

Reported net income fell 10.6% on an annual basis to ¥32.67 billion, or ¥26.14 per share, from ¥36.56 billion, or ¥29.11 per share.

As of Nov. 14, US$1 was equivalent to ¥116.46.