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Daido Metal fiscal Q3 profit climbs YOY

Daido Metal Co. Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to ¥27.71 per share, a gain from ¥27.05 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.10 billion, a gain from ¥1.08 billion in the prior-year period.

The normalized profit margin declined to 5.2% from 5.7% in the year-earlier period.

Total revenue grew 11.7% on an annual basis to ¥21.26 billion from ¥19.04 billion, and total operating expenses increased 12.7% from the prior-year period to ¥19.10 billion from ¥16.95 billion.

Reported net income decreased 19.2% year over year to ¥1.31 billion, or ¥32.98 per share, from ¥1.63 billion, or ¥40.80 per share.

As of Feb. 12, US$1 was equivalent to ¥118.90.