Shimano Inc. said its third-quarter normalized net income was ¥231.34 per share, an increase of 79.5% from ¥128.88 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥21.45 billion, a gain of 79.5% from ¥11.95 billion in the prior-year period.

The normalized profit margin increased to 23.8% from 14.1% in the year-earlier period.

Total revenue increased 6.6% on an annual basis to ¥90.25 billion from ¥84.69 billion, and total operating expenses rose 5.1% year over year to ¥70.52 billion from ¥67.12 billion.

Reported net income grew from the prior-year period to ¥28.18 billion, or ¥304.01 per share, from ¥13.89 billion, or ¥149.79 per share.

As of Nov. 12, US$1 was equivalent to ¥122.92.