Asahi Kasei Corp. said its normalized net income for the fiscal first quarter ended June 30 came to ¥12.40 per share, a decrease of 23.4% from ¥16.19 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥17.32 billion, a decrease of 23.4% from ¥22.61 billion in the year-earlier period.

The normalized profit margin declined to 4.1% from 4.9% in the year-earlier period.

Total revenue decreased 7.9% year over year to ¥425.82 billion from ¥462.37 billion, and total operating expenses decreased 7.2% on an annual basis to ¥395.94 billion from ¥426.82 billion.

Reported net income grew 16.4% on an annual basis to ¥24.09 billion, or ¥17.25 per share, from ¥20.69 billion, or ¥14.81 per share.

As of Aug. 12, US$1 was equivalent to ¥100.91.