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Kagome Q1 profit falls YOY

Kagome Co. Ltd. said its normalized net income for the first quarter came to ¥1.47 per share, a decrease of 90.3% from ¥15.18 per share in the first quarter ended June 30, 2013.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥145.6 million, a decline of 90.4% from ¥1.51 billion in the first quarter ended June 30, 2013.

The normalized profit margin fell to 0.3% from 3.0% in the year-earlier period.

Total revenue fell 16.1% on an annual basis to ¥42.65 billion from ¥50.84 billion, and total operating expenses declined 13.2% year over year to ¥42.26 billion from ¥48.66 billion.

Reported net income decreased 90.1% from the prior-year period to ¥166.8 million, or ¥1.68 per share, from ¥1.69 billion, or ¥17.01 per share.

As of May 14, US$1 was equivalent to ¥119.24.