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Prima Meat Packers fiscal Q1 profit climbs 22.8% YOY

Prima Meat Packers Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥5.22 per share, an increase of 22.8% from ¥4.25 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.17 billion, a gain of 22.8% from ¥950.8 million in the prior-year period.

The normalized profit margin increased to 1.5% from 1.3% in the year-earlier period.

Total revenue rose 9.6% on an annual basis to ¥78.23 billion from ¥71.35 billion, and total operating expenses increased 9.8% year over year to ¥76.49 billion from ¥69.64 billion.

Reported net income increased 18.4% from the prior-year period to ¥1.05 billion, or ¥4.71 per share, from ¥891.0 million, or ¥3.98 per share.

As of Aug. 11, US$1 was equivalent to ¥102.12.