Heiwado Co. Ltd. said its normalized net income for the fiscal first quarter ended May 20 came to ¥38.36 per share, an increase of 10.7% from ¥34.64 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥2.12 billion, a gain of 10.7% from ¥1.91 billion in the prior-year period.

The normalized profit margin increased to 2.1% from 2.0% in the year-earlier period.

Total revenue increased 5.5% on an annual basis to ¥100.36 billion from ¥95.13 billion, and total operating expenses increased 5.2% year over year to ¥96.97 billion from ¥92.18 billion.

Reported net income totaled ¥2.29 billion, or ¥41.46 per share, compared to ¥2.28 billion, or ¥41.25 per share, in the prior-year period.

As of June 27, US$1 was equivalent to ¥101.39.