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King Co. Ltd. fiscal Q1 profit falls YOY

King Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥7.66 per share, a decline of 29.4% from ¥10.85 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥148.1 million, a decline of 29.7% from ¥210.6 million in the prior-year period.

The normalized profit margin declined to 5.3% from 7.0% in the year-earlier period.

Total revenue fell 7.7% on an annual basis to ¥2.77 billion from ¥3.01 billion, and total operating expenses decreased 5.2% on an annual basis to ¥2.62 billion from ¥2.77 billion.

Reported net income decreased 26.1% from the prior-year period to ¥150.0 million, or ¥7.76 per share, from ¥203.0 million, or ¥10.45 per share.

As of Aug. 11, US$1 was equivalent to ¥102.12.