Automotive-focused Proto Corporation’s net income rose 13.2% in the first quarter ended June 30, 2019. This growth came despite a 7.1 percent drop in net sales during the period, according to the company’s financials.

Japanese Proto Corp. earned Y1.03 billion ($9.7 million U.S.) in the Apr.-Jun. quarter of FY2020 compared with Y914 million ($8.6 million U.S.) in the corresponding period of FY2019.

The company’s net sales fell to Y14.6 billion from Y15.8 billion. Sales dropped due to a decline in sales from the export of used cars. Operating income grew 14.6% year-on-year to Y1.4 billion in the first quarter due to growth in used-car ads.

Proto Corp. (TSE: 4298) was founded in 1989. The company is headquartered in Tokyo and Nagoya. It runs used-car marketplace GooNet, motorcycle marketplace GooBike.com, a car workshop finder called GooPit, and a listing site for unwanted goods at Oikura.jp. Proto also owns lifestyle and real estate businesses, but its auto businesses account for almost 90 percent of its revenue.

The group’s auto segment recorded a 7.6% decrease in net sales to Y13.2 billion. The segment’s operating income, however, increased by 15.4% to Y1.7 billion.

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