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Rakuten Q1 profit climbs 29.8% YOY

Rakuten Inc. said its normalized net income for the first quarter was ¥13.45 per share, a gain of 29.3% from ¥10.40 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥17.91 billion, a gain of 29.8% from ¥13.80 billion in the prior-year period.

The normalized profit margin climbed to 11.3% from 10.0% in the year-earlier period.

Total revenue rose 14.9% year over year to ¥158.82 billion from ¥138.26 billion, and total operating expenses increased 12.2% from the prior-year period to ¥129.78 billion from ¥115.70 billion.

Reported net income fell 11.9% from the prior-year period to ¥14.19 billion, or ¥10.66 per share, from ¥16.11 billion, or ¥12.14 per share.

As of May 8, US$1 was equivalent to ¥119.78.