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Renesas Electronics fiscal Q2 profit climbs 377.3% YOY

Renesas Electronics Corp. said its normalized net income for the fiscal second quarter ended Sept. 30 came to ¥8.19 per share, an increase of 23.3% from ¥6.64 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥13.65 billion, a gain of 377.3% from ¥2.86 billion in the year-earlier period.

The normalized profit margin increased to 6.6% from 1.3% in the year-earlier period.

Total revenue fell on an annual basis to ¥207.67 billion from ¥217.81 billion, and total operating expenses decreased 11.0% year over year to ¥184.13 billion from ¥206.90 billion.

Reported net income totaled ¥13.92 billion, or ¥8.35 per share, compared with a loss of ¥8.82 billion, or a loss of ¥20.48 per share, in the prior-year period.

As of Nov. 5, US$1 was equivalent to ¥114.52.