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Renesas Electronics fiscal Q1 profit climbs 220.7% YOY

Renesas Electronics Corp. said its normalized net income for the fiscal first quarter ended June 30 came to ¥8.77 per share, a decline of 19.8% from ¥10.93 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥14.62 billion, a gain of 220.7% from ¥4.56 billion in the year-earlier period.

The normalized profit margin climbed to 7.0% from 2.3% in the year-earlier period.

Total revenue climbed 5.1% on an annual basis to ¥209.26 billion from ¥199.06 billion, and total operating expenses fell on an annual basis to ¥182.28 billion from ¥189.28 billion.

Reported net income totaled ¥21.20 billion, or ¥12.72 per share, compared with a loss of ¥3.99 billion, or a loss of ¥9.57 per share, in the year-earlier period.

As of Aug. 6, US$1 was equivalent to ¥102.36.