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Kobe Bussan fiscal Q1 profit climbs YOY

Kobe Bussan Co. Ltd. said its normalized net income for the fiscal first quarter ended Jan. 31 was ¥49.44 per share, a gain from ¥23.32 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.37 billion, a gain from ¥655.5 million in the year-earlier period.

The normalized profit margin rose to 2.5% from 1.2% in the year-earlier period.

Total revenue climbed 6.1% on an annual basis to ¥55.91 billion from ¥52.67 billion, and total operating expenses grew 5.1% from the prior-year period to ¥54.30 billion from ¥51.65 billion.

Reported net income grew from the prior-year period to ¥1.50 billion, or ¥54.25 per share, from ¥607.0 million, or ¥21.60 per share.

As of March 16, US$1 was equivalent to ¥121.30.