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Shin-Etsu Chemical fiscal Q1 profit climbs YOY

Shin-Etsu Chemical Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥83.36 per share, an increase from ¥79.68 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥35.51 billion, an increase from ¥33.94 billion in the prior-year period.

The normalized profit margin rose to 11.8% from 10.8% in the year-earlier period.

Total revenue declined on an annual basis to ¥300.72 billion from ¥314.04 billion, and total operating expenses decreased 9.3% from the prior-year period to ¥238.85 billion from ¥263.38 billion.

Reported net income increased 20.4% from the prior-year period to ¥45.31 billion, or ¥106.36 per share, from ¥37.63 billion, or ¥88.34 per share.

As of Aug. 10, US$1 was equivalent to ¥101.31.