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Zett fiscal Q1 profit climbs YOY

Zett Corp. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥3.45 per share, a gain from ¥1.05 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥67.5 million, an increase from ¥20.6 million in the prior-year period.

The normalized profit margin climbed to 0.7% from 0.2% in the year-earlier period.

Total revenue declined year over year to ¥9.90 billion from ¥10.16 billion, and total operating expenses decreased on an annual basis to ¥9.81 billion from ¥10.13 billion.

Reported net income rose on an annual basis to ¥100.0 million, or ¥5.11 per share, from ¥24.0 million, or ¥1.22 per share.

As of Aug. 8, US$1 was equivalent to ¥101.85.