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Toyo Sugar Refining fiscal Q2 profit falls YOY

Toyo Sugar Refining Co. Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to ¥21.55 per share, a decline of 13.4% from ¥24.87 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥117.5 million, a decline of 13.4% from ¥135.6 million in the prior-year period.

The normalized profit margin dropped to 3.2% from 3.8% in the year-earlier period.

Total revenue grew on an annual basis to ¥3.62 billion from ¥3.56 billion, and total operating expenses climbed year over year to ¥3.44 billion from ¥3.37 billion.

Reported net income fell 9.6% year over year to ¥122.0 million, or ¥22.37 per share, from ¥135.0 million, or ¥24.75 per share.

As of Nov. 14, US$1 was equivalent to ¥116.46.