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Hitachi fiscal Q1 profit climbs YOY

Hitachi Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥5.64 per share, a gain from ¥5.39 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥27.26 billion, an increase from ¥26.02 billion in the prior-year period.

The normalized profit margin rose to 1.3% from 1.2% in the year-earlier period.

Total revenue increased year over year to ¥2.136 trillion from ¥2.083 trillion, and total operating expenses climbed from the prior-year period to ¥2.056 trillion from ¥2.027 trillion.

Reported net income grew 167.4% year over year to ¥28.82 billion, or ¥5.97 per share, from ¥10.78 billion, or ¥2.23 per share.

As of Aug. 29, US$1 was equivalent to ¥103.87.