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F-Tech fiscal Q1 profit falls YOY

F-Tech Inc. said its normalized net income for the fiscal first quarter ended June 30 came to ¥24.44 per share, a decline of 66.4% from ¥72.67 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥375.3 million, a decline of 58.2% from ¥898.0 million in the year-earlier period.

The normalized profit margin declined to 0.9% from 2.2% in the year-earlier period.

Total revenue came to ¥41.65 billion, compared with ¥41.65 billion in the prior-year period, and total operating expenses climbed from the prior-year period to ¥40.48 billion from ¥39.55 billion.

Reported net income fell 84.4% from the prior-year period to ¥172.0 million, or ¥11.20 per share, from ¥1.10 billion, or ¥89.34 per share.

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