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Hitachi fiscal Q1 profit climbs 18.7% YOY

Hitachi Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥11.85 per share, a gain of 18.6% from ¥9.99 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥57.25 billion, an increase of 18.7% from ¥48.24 billion in the prior-year period.

The normalized profit margin climbed to 2.7% from 2.3% in the year-earlier period.

Total revenue declined on an annual basis to ¥2.089 trillion from ¥2.130 trillion, and total operating expenses decreased from the prior-year period to ¥1.967 trillion from ¥2.006 trillion.

Reported net income rose 34.2% year over year to ¥75.14 billion, or ¥15.55 per share, from ¥56.01 billion, or ¥11.60 per share.

As of Aug. 7, US$1 was equivalent to ¥110.84.