TOKYO (dpa-AFX) - Makita Corporation (MKTAY) Wednesday reported profit before taxes of 26.865 billion yen for the first quarter, 25.9% higher than 21.338 billion yen in the same quarter a year ago, despite decline in revenue. This was mainly attributed to lower cost of sales as well as higher financial income.
Operating profit increased to 26.069 billion yen from 21.344 billion yen in the prior year.
Net profit rose to 19.281 billion yen or 72.07 yen per basic share from 16.010 billion yen or 59.51 yen per share last year.
Revenue for the quarter declined 3.8% to 186.614 billion yen from 193.932 billion yen in the previous year.
For the full year, the company expects revenue to drop 7.1% to 700 billion. Net income is expected to decrease 31.9% to 54 billion yen with basic EPS of 201.83 yen.
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