J-Oil Mills Inc. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥93.38 per share, an increase of 23.0% from ¥75.91 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.55 billion, a gain of 22.8% from ¥1.26 billion in the prior-year period.

The normalized profit margin rose to 3.2% from 2.5% in the year-earlier period.

Total revenue fell year over year to ¥48.91 billion from ¥51.36 billion, and total operating expenses fell 6.0% year over year to ¥46.57 billion from ¥49.56 billion.

Reported net income rose 28.9% on an annual basis to ¥1.59 billion, or ¥95.50 per share, from ¥1.23 billion, or ¥73.99 per share.

As of Aug. 12, US$1 was equivalent to ¥102.19.