Citizen Watch Q1 profit jumps 7.5% on investment gains

Citizen Watch Co reported profit attributable to owners jumped 7.5% to 9.186 billion yen in the quarter ended June 30, primarily driven by gains from selling investment securities.

Net sales fell 0.8% to 75.282 billion yen while operating profit rose marginally 0.3% to 4.699 billion yen. Ordinary profit dropped 16.1% to 6.166 billion yen due to lower foreign exchange gains.

The company reorganized its reportable segments into Watches, Machine Tools, and Devices and Components to optimize its business portfolio.