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Yokohama Rubber Q2 profit climbs 16.8% YOY

Yokohama Rubber Co. Ltd. said its normalized net income for the second quarter amounted to ¥56.51 per share, an increase of 17.6% from ¥48.04 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥9.07 billion, a gain of 16.8% from ¥7.76 billion in the prior-year period.

The normalized profit margin rose to 5.8% from 5.4% in the year-earlier period.

Total revenue rose 9.5% on an annual basis to ¥157.60 billion from ¥143.95 billion, and total operating expenses climbed 9.1% from the prior-year period to ¥144.12 billion from ¥132.08 billion.

Reported net income decreased 9.3% on an annual basis to ¥10.41 billion, or ¥64.85 per share, from ¥11.48 billion, or ¥71.03 per share.

As of Aug. 10, US$1 was equivalent to ¥124.53.