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Kitoku Shinryo Q1 profit climbs 86.6% YOY

Kitoku Shinryo Co. Ltd. said its normalized net income for the first quarter came to ¥33.60 per share, an increase of 86.6% from ¥18.01 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥285.0 million, an increase of 86.6% from ¥152.8 million in the prior-year period.

The normalized profit margin rose to 1.1% from 0.5% in the year-earlier period.

Total revenue decreased 8.9% on an annual basis to ¥25.85 billion from ¥28.37 billion, and total operating expenses fell 9.8% year over year to ¥25.39 billion from ¥28.13 billion.

Reported net income increased from the prior-year period to ¥311.0 million, or ¥36.67 per share, from ¥126.0 million, or ¥14.85 per share.

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