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Nidec fiscal Q1 profit climbs 44.0% YOY

Nidec Corp. said its normalized net income for the fiscal first quarter ended June 30 came to ¥50.69 per share, an increase of 40.7% from ¥36.02 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥14.89 billion, an increase of 44.0% from ¥10.34 billion in the prior-year period.

The normalized profit margin climbed to 6.1% from 4.9% in the year-earlier period.

Total revenue climbed 13.7% year over year to ¥240.19 billion from ¥211.28 billion, and total operating expenses increased 11.1% on an annual basis to ¥214.64 billion from ¥193.23 billion.

Reported net income increased 34.3% from the prior-year period to ¥17.90 billion, or ¥60.93 per share, from ¥13.33 billion, or ¥46.42 per share.

As of Aug. 19, US$1 was equivalent to ¥102.84.