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Nidec fiscal Q2 profit climbs 9.0% YOY

Nidec Corp. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to ¥84.90 per share, an increase of 9.2% from ¥77.74 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥25.14 billion, a gain of 9.0% from ¥23.06 billion in the prior-year period.

The normalized profit margin declined to 6.7% from 8.0% in the year-earlier period.

Total revenue increased 29.5% on an annual basis to ¥372.80 billion from ¥287.82 billion, and total operating expenses increased 31.4% on an annual basis to ¥328.96 billion from ¥250.36 billion.

Reported net income rose 13.6% year over year to ¥31.88 billion, or ¥107.68 per share, from ¥28.07 billion, or ¥94.63 per share.

As of Nov. 13, US$1 was equivalent to ¥113.50.