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Gunze fiscal Q1 profit falls YOY

Gunze Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥34.92 per share, a decrease of 25.1% from ¥46.64 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥673.8 million, a decrease of 25.0% from ¥898.9 million in the prior-year period.

The normalized profit margin declined to 2.1% from 2.6% in the year-earlier period.

Total revenue declined 5.5% year over year to ¥32.23 billion from ¥34.10 billion, and total operating expenses fell 5.2% year over year to ¥31.32 billion from ¥33.04 billion.

Reported net income decreased 30.5% on an annual basis to ¥565.2 million, or ¥29.30 per share, from ¥813.4 million, or ¥42.20 per share.

As of Aug. 8, US$1 was equivalent to ¥101.85.