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Sagami Rubber Industries fiscal Q2 profit climbs YOY

Sagami Rubber Industries Co. Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was ¥10.19 per share, a gain from ¥4.67 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥110.8 million, an increase from ¥50.8 million in the year-earlier period.

The normalized profit margin increased to 8.8% from 4.9% in the year-earlier period.

Total revenue grew 22.1% on an annual basis to ¥1.26 billion from ¥1.03 billion, and total operating expenses climbed 6.3% from the prior-year period to ¥1.07 billion from ¥1.01 billion.

Reported net income increased 98.4% on an annual basis to ¥123.0 million, or ¥11.31 per share, from ¥62.0 million, or ¥5.70 per share.

As of Nov. 14, US$1 was equivalent to ¥116.46.