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Miyoshi Oil & Fat Q2 profit climbs 64.8% YOY

Miyoshi Oil & Fat Co. Ltd. said its second-quarter normalized net income amounted to ¥14.20 per share, an increase of 64.8% from ¥8.62 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥146.3 million, an increase of 64.8% from ¥88.8 million in the prior-year period.

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

Total revenue declined year over year to ¥11.29 billion from ¥11.42 billion, and total operating expenses fell on an annual basis to ¥11.13 billion from ¥11.33 billion.

Reported net income increased 68.9% on an annual basis to ¥125.0 million, or ¥12.14 per share, from ¥74.0 million, or ¥7.19 per share.

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