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Nichirei fiscal Q1 profit climbs 12.8% YOY

Nichirei Corp. said its normalized net income for the fiscal first quarter ended June 30 came to ¥11.24 per share, a gain of 12.8% from ¥9.97 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.61 billion, a gain of 12.8% from ¥1.43 billion in the prior-year period.

The normalized profit margin climbed to 1.2% from 1.2% in the year-earlier period.

Total revenue rose 8.2% on an annual basis to ¥130.77 billion from ¥120.81 billion, and total operating expenses climbed 8.1% year over year to ¥127.92 billion from ¥118.35 billion.

Reported net income increased 19.0% from the prior-year period to ¥1.51 billion, or ¥10.59 per share, from ¥1.27 billion, or ¥8.89 per share.

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