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Renesas Electronics fiscal Q3 profit climbs 28.0% YOY

Renesas Electronics Corp. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to ¥12.40 per share, a gain of 28.0% from ¥9.68 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥20.67 billion, a gain of 28.0% from ¥16.15 billion in the year-earlier period.

The normalized profit margin climbed to 10.8% from 7.5% in the year-earlier period.

Total revenue fell 11.0% on an annual basis to ¥191.94 billion from ¥215.64 billion, and total operating expenses decreased 12.5% from the prior-year period to ¥162.48 billion from ¥185.66 billion.

Reported net income rose 66.2% from the prior-year period to ¥38.20 billion, or ¥22.91 per share, from ¥22.98 billion, or ¥13.78 per share.

As of Feb. 5, US$1 was equivalent to ¥117.45.