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Tokyo Electron swings to profit in fiscal Q1

Tokyo Electron Ltd. said its normalized net income for the fiscal first quarter ended June 30 was ¥58.74 per share, compared with a loss of ¥34.56 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥10.55 billion, compared with a loss of ¥6.19 billion in the year-earlier period.

The normalized profit margin rose to 7.0% from negative 6.0% in the year-earlier period.

Total revenue increased 46.3% on an annual basis to ¥151.32 billion from ¥103.45 billion, and total operating expenses increased 18.7% from the prior-year period to ¥134.25 billion from ¥113.10 billion.

Reported net income totaled ¥11.84 billion, or ¥65.88 per share, compared with a loss of ¥2.98 billion, or a loss of ¥16.61 per share, in the year-earlier period.

As of Aug. 8, US$1 was equivalent to ¥101.85.