Tokai Rika Q1 net income drops 32% despite sales growth

Tokai Rika reported net sales of JPY152,690 million for the three months ended June 30, up 0.5% year-on-year. Operating income rose 10.0% to JPY7,834 million.

However, profit attributable to owners of parent fell 31.6% to JPY5,181 million. Basic earnings per share dropped to JPY60.90 from JPY89.59 in the prior year.

The company maintained its full-year forecast of JPY580,000 million in net sales and JPY14,000 million profit attributable to owners.