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Sagami Rubber Industries fiscal Q1 profit climbs YOY

Sagami Rubber Industries Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥13.01 per share, an increase from ¥2.24 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥141.4 million, a gain from ¥24.4 million in the year-earlier period.

The normalized profit margin climbed to 10.0% from 2.3% in the year-earlier period.

Total revenue increased 35.4% on an annual basis to ¥1.42 billion from ¥1.05 billion, and total operating expenses increased 10.3% on an annual basis to ¥1.10 billion from ¥998.0 million.

Reported net income grew on an annual basis to ¥140.0 million, or ¥12.88 per share, from ¥22.0 million, or ¥2.02 per share.

As of Aug. 7, US$1 was equivalent to ¥124.28.