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Hard Off fiscal Q1 profit climbs YOY

Hard Off Corp. Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was ¥22.01 per share, an increase from ¥21.55 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥296.9 million, a gain from ¥290.6 million in the prior-year period.

The normalized profit margin declined to 7.4% from 9.1% in the year-earlier period.

Total revenue rose 24.2% year over year to ¥3.99 billion from ¥3.21 billion, and total operating expenses rose 26.8% on an annual basis to ¥3.60 billion from ¥2.84 billion.

Reported net income fell 52.0% year over year to ¥279.0 million, or ¥20.69 per share, from ¥581.0 million, or ¥43.08 per share.

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