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Mitsubishi Chemical fiscal Q1 profit climbs 13.0% YOY

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Mitsubishi Chemical fiscal Q1 profit climbs 13.0% YOY

Mitsubishi Chemical Holdings Corp. said its normalized net income for the fiscal first quarter ended June 30 came to ¥8.05 per share, a gain of 17.7% from ¥6.84 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥11.86 billion, a gain of 13.0% from ¥10.49 billion in the prior-year period.

The normalized profit margin increased to 1.5% from 1.3% in the year-earlier period.

Total revenue grew on an annual basis to ¥810.91 billion from ¥781.26 billion, and total operating expenses rose from the prior-year period to ¥781.41 billion from ¥757.73 billion.

Reported net income decreased 46.9% year over year to ¥5.85 billion, or ¥3.97 per share, from ¥11.01 billion, or ¥7.18 per share.

As of Aug. 8, US$1 was equivalent to ¥101.85.