Sanyo Shokai Ltd. said its normalized net income for the first quarter came to ¥245.50 per share, an increase of 33.1% from ¥184.48 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥3.09 billion, a gain of 33.1% from ¥2.32 billion in the year-earlier period.

The normalized profit margin climbed to 10.3% from 7.9% in the year-earlier period.

Total revenue climbed on an annual basis to ¥29.95 billion from ¥29.28 billion, and total operating expenses declined year over year to ¥24.97 billion from ¥25.38 billion.

Reported net income grew 38.4% from the prior-year period to ¥3.12 billion, or ¥248.34 per share, from ¥2.25 billion, or ¥179.36 per share.

As of May 14, US$1 was equivalent to ¥119.24.