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Mitsubishi Chemical fiscal Q2 profit climbs 138.3% YOY

Mitsubishi Chemical Holdings Corp. said its normalized net income for the fiscal second quarter ended Sept. 30 came to ¥26.57 per share, a gain of 124.1% from ¥11.86 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥41.42 billion, an increase of 138.3% from ¥17.38 billion in the prior-year period.

The normalized profit margin increased to 4.6% from 2.2% in the year-earlier period.

Total revenue rose 14.5% on an annual basis to ¥906.75 billion from ¥791.66 billion, and total operating expenses rose 10.6% from the prior-year period to ¥818.39 billion from ¥739.96 billion.

Reported net income declined from the prior-year period to ¥52.84 billion, or ¥33.90 per share, from ¥54.27 billion, or ¥37.02 per share.

As of Nov. 13, US$1 was equivalent to ¥113.50.