Net income increased by 8% in H1 ended Sep. 30 to ¥3,329.5 million ($23.0 mm) from ¥3,087.4 million, helped by favorable foreign exchange and a reversal of an impairment provision, despite a 12% decline in revenue to ¥13,194.8 million ($91.3 mm) from ¥14,927.4 million. Gross margin narrowed by 60 basis points to 52.1%, but an 8% decline in selling and distribution expenses and 1% lower administrative expenses benefitted the bottom line. Golf club sales dropped 13% to ¥10,011.9 million, balls were down ... Log in to view full article.