Toyo Sugar Refining Co. Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to ¥23.04 per share, an increase of 6.9% from ¥21.55 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥125.6 million, an increase of 6.9% from ¥117.5 million in the prior-year period.

The normalized profit margin increased to 3.5% from 3.2% in the year-earlier period.

Total revenue decreased year over year to ¥3.58 billion from ¥3.62 billion, and total operating expenses totaled ¥3.42 billion, compared with ¥3.44 billion in the prior-year period.

Reported net income rose 18.9% year over year to ¥145.0 million, or ¥26.59 per share, from ¥122.0 million, or ¥22.37 per share.

As of Nov. 13, US$1 was equivalent to ¥122.78.