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Koito Manufacturing fiscal Q1 profit falls YOY

Koito Manufacturing Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥55.39 per share, a decrease of 29.1% from ¥78.10 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥8.90 billion, a decline of 29.0% from ¥12.55 billion in the prior-year period.

The normalized profit margin dropped to 4.8% from 6.8% in the year-earlier period.

Total revenue increased year over year to ¥187.41 billion from ¥185.55 billion, and total operating expenses decreased on an annual basis to ¥170.11 billion from ¥171.96 billion.

Reported net income increased 181.2% year over year to ¥10.00 billion, or ¥62.22 per share, from ¥3.56 billion, or ¥22.14 per share.

As of Aug. 5, US$1 was equivalent to ¥101.87.