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Sumitomo Rubber Industries Q2 profit climbs 14.1% YOY

Sumitomo Rubber Industries Ltd. said its second-quarter normalized net income was ¥42.97 per share, a gain of 14.1% from ¥37.64 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥11.27 billion, a gain of 14.1% from ¥9.87 billion in the year-earlier period.

The normalized profit margin increased to 5.5% from 5.3% in the year-earlier period.

Total revenue climbed 8.4% year over year to ¥203.72 billion from ¥187.91 billion, and total operating expenses grew 8.9% year over year to ¥186.59 billion from ¥171.29 billion.

Reported net income increased 12.3% on an annual basis to ¥12.31 billion, or ¥46.94 per share, from ¥10.97 billion, or ¥41.81 per share.

As of Aug. 7, US$1 was equivalent to ¥124.28.