Sugi Holdings Co. said its normalized net income for the fiscal first quarter ended May 31 came to ¥60.56 per share, an increase from ¥59.32 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥3.83 billion, an increase from ¥3.76 billion in the prior-year period.

The normalized profit margin declined to 4.0% from 4.2% in the year-earlier period.

Total revenue grew 7.2% on an annual basis to ¥96.93 billion from ¥90.44 billion, and total operating expenses increased 7.5% on an annual basis to ¥90.96 billion from ¥84.65 billion.

Reported net income fell 16.1% on an annual basis to ¥3.75 billion, or ¥59.24 per share, from ¥4.47 billion, or ¥70.60 per share.

As of July 14, US$1 was equivalent to ¥101.58.