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Daiwa fiscal Q1 profit climbs 19.3% YOY

Daiwa Co. Ltd. said its normalized net income for the fiscal first quarter ended May 31 was ¥18.58 per share, a gain of 19.3% from ¥15.57 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥104.4 million, a gain of 19.3% from ¥87.5 million in the prior-year period.

The normalized profit margin increased to 0.8% from 0.7% in the year-earlier period.

Total revenue totaled ¥12.33 billion, compared with ¥12.26 billion in the year-earlier period, and total operating expenses came to ¥12.13 billion, compared with ¥12.07 billion in the year-earlier period.

Reported net income grew 11.0% year over year to ¥101.0 million, or ¥17.98 per share, from ¥91.0 million, or ¥16.19 per share.

As of July 14, US$1 was equivalent to ¥101.58.