Shimano Inc. said its first-quarter normalized net income came to ¥183.02 per share, a gain of 96.8% from ¥93.00 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥16.97 billion, a gain of 96.8% from ¥8.62 billion in the prior-year period.

The normalized profit margin increased to 17.3% from 11.4% in the year-earlier period.

Total revenue climbed 29.5% year over year to ¥98.02 billion from ¥75.69 billion, and total operating expenses climbed 22.0% from the prior-year period to ¥74.83 billion from ¥61.32 billion.

Reported net income grew on an annual basis to ¥20.44 billion, or ¥220.52 per share, from ¥9.98 billion, or ¥107.65 per share.

As of May 14, US$1 was equivalent to ¥119.24.