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Daiichi Sankyo Q1 Profit Declines; Backs FY Forecast For Weak Net Profit, Sales

Japanese pharmaceuticals company Daiichi Sankyo Co. Ltd. (DSKYF.PK) reported Tuesday that its first-quarter profit attributable to owners of the company decreased 17.8% to 23.95 billion Japanese yen from last year's 29.15 billion yen last year. The results were partly benefited by a decrease in income taxes resulting from the reduction of tax rates in the U.S.

Profit before tax decreased 29.8% year on year to 29.6 billion yen. Operating profit fell 25.7% year on year to 29.9 billion yen.

Revenue in the first three months of the year decreased 5.6% to 225.74 billion yen from 239.10 billion yen a year ago. Revenue in Japan decreased 3.1% year on year to 142.3 billion yen.

Looking ahead to fiscal year, Daiichi Sankyo continues to projects revenues of 910 billion yen, operating profit of 78 billion yen, and profit attributable to owners of 55 billion yen.

From last year, revenues would be down 5.2 percent, operating profit would be up 2.3 percent and attributable profit would be down 8.8 percent.

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