Kewpie Corp. said its normalized net income for the fiscal second quarter ended May 31 amounted to ¥28.99 per share, compared with ¥28.82 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥4.40 billion, an increase from ¥4.31 billion in the prior-year period.

The normalized profit margin dropped to 3.0% from 3.0% in the year-earlier period.

Total revenue rose on an annual basis to ¥147.32 billion from ¥141.50 billion, and total operating expenses grew on an annual basis to ¥139.38 billion from ¥133.96 billion.

Reported net income increased 13.8% on an annual basis to ¥4.69 billion, or ¥30.89 per share, from ¥4.12 billion, or ¥27.53 per share.

As of July 15, US$1 was equivalent to ¥123.95.