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Daikin Industries fiscal Q2 profit falls YOY

Daikin Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was ¥126.96 per share, compared with ¥127.70 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥37.09 billion, compared with ¥37.29 billion in the prior-year period.

The normalized profit margin fell to 6.8% from 7.7% in the year-earlier period.

Total revenue increased 13.3% on an annual basis to ¥549.03 billion from ¥484.77 billion, and total operating expenses climbed 14.1% from the prior-year period to ¥485.48 billion from ¥425.50 billion.

Reported net income increased 7.5% from the prior-year period to ¥42.97 billion, or ¥147.07 per share, from ¥39.99 billion, or ¥136.94 per share.

As of Nov. 9, US$1 was equivalent to ¥123.27.