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Shin-Etsu Chemical fiscal Q1 profit climbs YOY

Shin-Etsu Chemical Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥71.45 per share, compared with ¥71.17 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥30.42 billion, compared with ¥30.27 billion in the year-earlier period.

The normalized profit margin dropped to 10.3% from 11.2% in the year-earlier period.

Total revenue climbed 8.7% year over year to ¥294.53 billion from ¥270.91 billion, and total operating expenses grew 9.1% from the prior-year period to ¥245.89 billion from ¥225.38 billion.

Reported net income grew on an annual basis to ¥32.92 billion, or ¥77.31 per share, from ¥32.04 billion, or ¥75.32 per share.

As of Aug. 12, US$1 was equivalent to ¥102.19.