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Axial Retailing fiscal Q1 profit climbs 15.7% YOY

Axial Retailing Inc. said its normalized net income for the fiscal first quarter ended June 30 came to ¥28.84 per share, a decrease of 13.4% from ¥33.31 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥673.1 million, an increase of 15.7% from ¥581.9 million in the prior-year period.

The normalized profit margin dropped to 1.3% from 1.8% in the year-earlier period.

Total revenue grew 55.5% year over year to ¥50.65 billion from ¥32.56 billion, and total operating expenses rose 56.6% from the prior-year period to ¥49.59 billion from ¥31.66 billion.

Reported net income rose 16.1% on an annual basis to ¥628.0 million, or ¥26.90 per share, from ¥541.0 million, or ¥30.97 per share.

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