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Daikin Industries fiscal Q1 profit climbs 7.1% YOY

Daikin Industries Ltd. said its normalized net income for the fiscal first quarter ended June 30 was ¥155.35 per share, an increase of 7.0% from ¥145.25 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥45.45 billion, a gain of 7.1% from ¥42.45 billion in the year-earlier period.

The normalized profit margin declined to 7.7% from 7.9% in the year-earlier period.

Total revenue grew 9.6% year over year to ¥586.64 billion from ¥535.47 billion, and total operating expenses climbed 10.3% year over year to ¥512.21 billion from ¥464.30 billion.

Reported net income grew year over year to ¥50.99 billion, or ¥174.30 per share, from ¥49.14 billion, or ¥168.14 per share.

As of Aug. 9, US$1 was equivalent to ¥110.07.