Aeon Reports 70% Decline In Q1 Net Profit

Aeon Co Ltd AONNY reported a 70% drop in its net profit for the fiscal first quarter ended May. Aeon's net profit declined to Y5.76 billion, from Y19.27 billion, in the year-earlier period. Its revenue dropped 1.2% y/y to Y1.200 trillion from Y1.215 trillion. For the full business year ending February 2012, Aeon now projects a net profit of Y50 billion, versus an earlier forecast for Y40 billion. AONNY shares fell 0.17% to close at $11.97 yesterday. Read more from Benzinga's Company news.