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Renesas Electronics Q1 profit falls YOY

Renesas Electronics Corp. said its normalized net income for the first quarter was ¥9.18 per share, a decrease of 26.6% from ¥12.50 per share in the first quarter ended June 30, 2015.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥15.30 billion, a decrease of 26.6% from ¥20.84 billion in the first quarter ended June 30, 2015.

The normalized profit margin dropped to 8.6% from 11.6% in the year-earlier period.

Total revenue totaled ¥177.65 billion, compared with ¥179.30 billion in the year-earlier period, and total operating expenses rose year over year to ¥151.85 billion from ¥146.94 billion.

Reported net income decreased 33.1% on an annual basis to ¥19.97 billion, or ¥11.98 per share, from ¥29.87 billion, or ¥17.92 per share.

As of May 12, US$1 was equivalent to ¥113.22.