Fuji Electric Co., Ltd. (FELTY), a Japanese electric motor and equipment maker, on Thursday reported a decline in net income for the first-quarter. Results reflected a fall in gains on sales of investment securities recorded as extraordinary income.
For the three-month period to June 30, the company posted a net profit of 11.475 billion yen or 80.34 yen per share, lesser than 12.303 billion yen or 86.14 yen per share, registered for the same period last year.
Pre-tax income was at 18.501 billion yen as against last year's 19.711 billion yen.
Operating income, however, rose to 17.254 billion yen from 14.663 billion yen a year ago.
Gains on the sale of investment securities plunged to 247 million yen from previous year's 4.600 billion yen. Gain on the sale of non-current assets also dropped to 90 million yen from 538 million yen a year ago.
Total extraordinary income was 337 million yen, lesser than last year's 5.139 billion yen.
Sales improved to 236.387 billion yen from previous year's 234.148 billion yen, supported by a rise in sales under the Industry, Semiconductor, and Food and Beverage Distribution segments.
Looking ahead, for the first-half, Fuji Electric expects to post a net income of 29.5 billion yen or 206.54 yen per share, on sales of 494 billion yen.
For the full-year, the company projects to record a net profit of 80.500 billion yen or 563.61 yen per share on sales of 1.114 trillion yen.
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