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Misawa & Co. fiscal Q2 profit climbs 6.5% YOY

Misawa & Co. Ltd. said its normalized net income for the fiscal second quarter ended July 31 was ¥15.52 per share, a gain of 6.4% from ¥14.58 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥103.1 million, an increase of 6.5% from ¥96.9 million in the year-earlier period.

The normalized profit margin declined to 5.7% from 6.2% in the year-earlier period.

Total revenue climbed 15.7% year over year to ¥1.81 billion from ¥1.57 billion, and total operating expenses climbed 16.9% year over year to ¥1.66 billion from ¥1.42 billion.

Reported net income decreased on an annual basis to ¥79.0 million, or ¥11.88 per share, from ¥80.3 million, or ¥12.09 per share.

As of Sept. 16, US$1 was equivalent to ¥107.19.