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Marudai Food fiscal Q1 profit climbs 24.7% YOY

Marudai Food Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥4.93 per share, a gain of 24.7% from ¥3.95 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥640.4 million, an increase of 24.7% from ¥513.6 million in the year-earlier period.

The normalized profit margin increased to 1.2% from 1.0% in the year-earlier period.

Total revenue grew 5.3% on an annual basis to ¥53.84 billion from ¥51.13 billion, and total operating expenses increased from the prior-year period to ¥52.72 billion from ¥50.34 billion.

Reported net income rose 43.5% from the prior-year period to ¥600.0 million, or ¥4.62 per share, from ¥418.0 million, or ¥3.22 per share.

As of Aug. 12, US$1 was equivalent to ¥102.19.