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Showa Sangyo fiscal Q1 profit climbs 15.1% YOY

Showa Sangyo Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was ¥66.15 per share, a gain of 17.5% from ¥56.29 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥2.11 billion, a gain of 15.1% from ¥1.84 billion in the prior-year period.

The normalized profit margin increased to 3.4% from 3.0% in the year-earlier period.

Total revenue came to ¥62.09 billion, compared with ¥61.55 billion in the year-earlier period, and total operating expenses totaled ¥59.08 billion, compared with ¥58.80 billion in the prior-year period.

Reported net income rose from the prior-year period to ¥2.32 billion, or ¥72.61 per share, from ¥2.27 billion, or ¥69.69 per share.

As of Aug. 14, US$1 was equivalent to ¥102.44.