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House Foods fiscal Q1 profit falls YOY

House Foods Group Inc. said its normalized net income for the fiscal first quarter ended June 30 came to ¥10.49 per share, a decline of 36.9% from ¥16.63 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.09 billion, a decrease of 37.9% from ¥1.76 billion in the prior-year period.

The normalized profit margin dropped to 2.0% from 3.2% in the year-earlier period.

Total revenue climbed on an annual basis to ¥55.69 billion from ¥55.00 billion, and total operating expenses increased on an annual basis to ¥54.05 billion from ¥52.58 billion.

Reported net income declined 34.8% year over year to ¥1.01 billion, or ¥9.67 per share, from ¥1.54 billion, or ¥14.61 per share.

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