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Nichiwa Sangyo fiscal Q1 profit climbs YOY

Nichiwa Sangyo Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥9.93 per share, a gain from ¥4.11 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥191.9 million, an increase from ¥79.4 million in the year-earlier period.

The normalized profit margin climbed to 1.6% from 0.7% in the year-earlier period.

Total revenue decreased on an annual basis to ¥11.84 billion from ¥12.06 billion, and total operating expenses declined from the prior-year period to ¥11.57 billion from ¥11.97 billion.

Reported net income increased year over year to ¥200.0 million, or ¥10.35 per share, from ¥88.0 million, or ¥4.56 per share.

As of Aug. 13, US$1 was equivalent to ¥102.37.