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Nippon Beet Sugar Manufacturing fiscal Q1 profit climbs YOY

Nippon Beet Sugar Manufacturing Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥32.47 per share, an increase from ¥13.04 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥463.1 million, an increase from ¥185.6 million in the year-earlier period.

The normalized profit margin increased to 3.4% from 1.4% in the year-earlier period.

Total revenue rose on an annual basis to ¥13.61 billion from ¥13.24 billion, and total operating expenses came to ¥13.02 billion, compared with ¥13.08 billion in the prior-year period.

Reported net income increased from the prior-year period to ¥463.0 million, or ¥32.46 per share, from ¥149.0 million, or ¥10.46 per share.

As of Aug. 13, US$1 was equivalent to ¥102.37.