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Diamond Electric swings to profit in fiscal Q1

Diamond Electric Mfg. Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥61.63 per share, compared with a loss of ¥3.19 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥111.1 million, compared with a loss of ¥5.8 million in the prior-year period.

The normalized profit margin climbed to 0.8% from negative 0.0% in the year-earlier period.

Total revenue grew 17.4% year over year to ¥13.74 billion from ¥11.70 billion, and total operating expenses grew 14.9% year over year to ¥13.49 billion from ¥11.74 billion.

Reported net income totaled ¥85.0 million, or ¥47.14 per share, compared to a loss of ¥1.89 billion, or a loss of ¥1,050.16 per share, in the prior-year period.

As of Aug. 11, US$1 was equivalent to ¥102.12.