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Tiemco fiscal Q2 profit climbs 11.1% YOY

Tiemco Ltd. said its normalized net income for the fiscal second quarter ended May 31 was ¥10.10 per share, a gain of 26.5% from ¥7.98 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥25.0 million, an increase of 11.1% from ¥22.5 million in the prior-year period.

The normalized profit margin climbed to 3.1% from 3.0% in the year-earlier period.

Total revenue rose 6.8% on an annual basis to ¥814.0 million from ¥762.0 million, and total operating expenses grew 6.3% year over year to ¥774.0 million from ¥728.0 million.

Reported net income grew 93.3% from the prior-year period to ¥29.0 million, or ¥11.71 per share, from ¥15.0 million, or ¥5.32 per share.

As of July 15, US$1 was equivalent to ¥105.85.