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Kaneko Seeds fiscal Q3 profit climbs 33.0% YOY

Kaneko Seeds Co. Ltd. said its normalized net income for the fiscal third quarter ended Feb. 28 came to ¥26.83 per share, a gain of 33.0% from ¥20.17 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥315.0 million, an increase of 33.0% from ¥236.9 million in the prior-year period.

The normalized profit margin climbed to 2.8% from 1.9% in the year-earlier period.

Total revenue decreased 8.8% on an annual basis to ¥11.24 billion from ¥12.32 billion, and total operating expenses fell 10.0% on an annual basis to ¥10.77 billion from ¥11.98 billion.

Reported net income increased 40.9% from the prior-year period to ¥324.0 million, or ¥27.60 per share, from ¥230.0 million, or ¥19.58 per share.

As of April 10, US$1 was equivalent to ¥120.22.