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Sakata Seed fiscal Q1 profit climbs 98.5% YOY

Sakata Seed Corp. said its normalized net income for the fiscal first quarter ended Aug. 31 was ¥42.78 per share, a gain of 98.5% from ¥21.55 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.93 billion, an increase of 98.5% from ¥969.8 million in the prior-year period.

The normalized profit margin increased to 14.1% from 7.9% in the year-earlier period.

Total revenue grew 11.5% year over year to ¥13.67 billion from ¥12.26 billion, and total operating expenses grew from the prior-year period to ¥10.87 billion from ¥10.68 billion.

Reported net income grew on an annual basis to ¥2.00 billion, or ¥44.48 per share, from ¥852.0 million, or ¥18.93 per share.

As of Oct. 14, US$1 was equivalent to ¥107.05.