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Nitto Seimo fiscal Q1 profit climbs 50.4% YOY

Nitto Seimo Co. Ltd. said its normalized net income for the fiscal first quarter ended July 31 came to ¥19.38 per share, a gain of 50.4% from ¥12.89 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥50.4 million, a gain of 50.4% from ¥33.5 million in the year-earlier period.

The normalized profit margin rose to 1.3% from 0.8% in the year-earlier period.

Total revenue declined 10.5% year over year to ¥3.88 billion from ¥4.33 billion, and total operating expenses decreased 11.1% on an annual basis to ¥3.77 billion from ¥4.25 billion.

Reported net income totaled ¥15.0 million, or ¥5.77 per share, compared to a loss of ¥15.0 million, or a loss of ¥5.77 per share, in the prior-year period.

As of Sept. 10, US$1 was equivalent to ¥106.65.