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Morinaga Milk fiscal Q3 profit climbs YOY

Morinaga Milk Industry Co. Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to ¥28.89 per share, a gain from ¥27.87 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.43 billion, an increase from ¥1.38 billion in the year-earlier period.

The normalized profit margin increased to 1.0% from 1.0% in the year-earlier period.

Total revenue climbed on an annual basis to ¥147.60 billion from ¥145.23 billion, and total operating expenses grew from the prior-year period to ¥145.79 billion from ¥143.19 billion.

Reported net income increased 54.4% on an annual basis to ¥1.26 billion, or ¥25.40 per share, from ¥815.4 million, or ¥16.46 per share.

As of Feb. 9, US$1 was equivalent to ¥118.60.