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Nitto Denko fiscal Q1 profit climbs 173.3% YOY

Nitto Denko Corp. said its normalized net income for the fiscal first quarter ended June 30 was ¥117.08 per share, a gain of 173.3% from ¥42.84 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥19.03 billion, a gain of 173.3% from ¥6.96 billion in the prior-year period.

The normalized profit margin increased to 9.5% from 4.1% in the year-earlier period.

Total revenue climbed 19.5% on an annual basis to ¥201.19 billion from ¥168.41 billion, and total operating expenses increased 9.0% year over year to ¥170.85 billion from ¥156.67 billion.

Reported net income increased 199.2% from the prior-year period to ¥20.35 billion, or ¥125.21 per share, from ¥6.80 billion, or ¥41.86 per share.

As of Aug. 2, US$1 was equivalent to ¥110.48.