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Coda Octopus fiscal Q1 profit climbs 6.5% YOY

Coda Octopus Group Inc. said its normalized net income for the fiscal first quarter ended Jan. 31 amounted to 3 cents per share, a gain from 3 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $180,950, an increase of 6.5% from $169,940 in the prior-year period.

The normalized profit margin dropped to 3.8% from 3.9% in the year-earlier period.

Total revenue climbed 9.5% year over year to $4.8 million from $4.4 million, and total operating expenses grew 14.5% from the prior-year period to $4.3 million from $3.8 million.

Reported net income increased 7.7% on an annual basis to $289,520, or 4 cents per share, from $268,880, or 4 cents per share.