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Ajinomoto fiscal Q1 profit falls YOY

Ajinomoto Co. Inc. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥20.49 per share, a decrease of 9.0% from ¥22.52 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥11.84 billion, a decrease of 11.2% from ¥13.32 billion in the year-earlier period.

The normalized profit margin fell to 4.5% from 4.6% in the year-earlier period.

Total revenue fell 10.0% year over year to ¥262.92 billion from ¥292.26 billion, and total operating expenses fell 9.7% from the prior-year period to ¥242.37 billion from ¥268.46 billion.

Reported net income fell 57.7% year over year to ¥13.78 billion, or ¥23.85 per share, from ¥32.53 billion, or ¥54.97 per share.

As of Aug. 10, US$1 was equivalent to ¥101.31.