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Renesas Electronics Q3 profit climbs YOY

Renesas Electronics Corp. said its third-quarter normalized net income came to ¥9.16 per share, a gain from ¥8.90 per share in the third quarter ended Dec. 31, 2015.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥15.26 billion, an increase from ¥14.84 billion in the third quarter ended Dec. 31, 2015.

The normalized profit margin dropped to 7.8% from 9.0% in the year-earlier period.

Total revenue climbed 18.6% year over year to ¥195.50 billion from ¥164.80 billion, and total operating expenses increased 22.0% year over year to ¥170.65 billion from ¥139.83 billion.

Reported net income increased 20.1% from the prior-year period to ¥22.33 billion, or ¥13.39 per share, from ¥18.59 billion, or ¥11.15 per share.

As of Nov. 7, US$1 was equivalent to ¥114.04.