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Makita fiscal Q1 profit climbs YOY

Makita Corp. said its normalized net income for the fiscal first quarter ended June 30 came to ¥42.93 per share, a gain from ¥42.38 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥11.65 billion, a gain from ¥11.50 billion in the year-earlier period.

The normalized profit margin dropped to 10.3% from 11.4% in the year-earlier period.

Total revenue rose 11.6% on an annual basis to ¥113.06 billion from ¥101.28 billion, and total operating expenses rose 13.9% from the prior-year period to ¥94.82 billion from ¥83.22 billion.

Reported net income totaled ¥13.33 billion, or ¥49.10 per share, compared with ¥13.22 billion, or ¥48.70 per share, in the year-earlier period.

As of Aug. 8, US$1 was equivalent to ¥110.77.