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Foster Electric fiscal Q1 profit falls YOY

Foster Electric Co.Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥33.08 per share, a decrease of 18.1% from ¥40.42 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥884.5 million, a decline of 18.1% from ¥1.08 billion in the year-earlier period.

The normalized profit margin declined to 2.1% from 2.8% in the year-earlier period.

Total revenue climbed 9.7% on an annual basis to ¥42.33 billion from ¥38.59 billion, and total operating expenses grew 11.7% on an annual basis to ¥40.82 billion from ¥36.55 billion.

Reported net income fell 23.0% from the prior-year period to ¥967.3 million, or ¥36.18 per share, from ¥1.26 billion, or ¥46.98 per share.

As of Aug. 12, US$1 was equivalent to ¥102.19.