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Pietro fiscal Q1 profit falls YOY

Pietro Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was ¥13.64 per share, a decline of 38.7% from ¥22.25 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥76.3 million, a decrease of 38.7% from ¥124.4 million in the prior-year period.

The normalized profit margin fell to 3.3% from 5.0% in the year-earlier period.

Total revenue declined 6.0% year over year to ¥2.33 billion from ¥2.48 billion, and total operating expenses declined from the prior-year period to ¥2.20 billion from ¥2.27 billion.

Reported net income fell 42.4% on an annual basis to ¥53.0 million, or ¥9.48 per share, from ¥92.0 million, or ¥16.46 per share.

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