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Ocean System fiscal Q3 profit climbs 12.8% YOY

Ocean System Corp. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to ¥24.13 per share, a gain of 12.8% from ¥21.40 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥237.5 million, an increase of 12.8% from ¥210.6 million in the prior-year period.

The normalized profit margin increased to 2.0% from 1.8% in the year-earlier period.

Total revenue grew year over year to ¥11.94 billion from ¥11.69 billion, and total operating expenses grew year over year to ¥11.57 billion from ¥11.37 billion.

Reported net income increased 23.9% on an annual basis to ¥249.0 million, or ¥25.30 per share, from ¥201.0 million, or ¥20.42 per share.

As of Feb. 13, US$1 was equivalent to ¥118.68.