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Nidec fiscal Q1 profit climbs 25.9% YOY

Nidec Corp. said its normalized net income for the fiscal first quarter ended June 30 was ¥76.33 per share, an increase of 26.1% from ¥60.54 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥22.60 billion, an increase of 25.9% from ¥17.96 billion in the year-earlier period.

The normalized profit margin increased to 6.6% from 6.5% in the year-earlier period.

Total revenue rose 24.2% on an annual basis to ¥343.09 billion from ¥276.21 billion, and total operating expenses climbed 24.3% year over year to ¥304.07 billion from ¥244.68 billion.

Reported net income increased 28.0% year over year to ¥28.19 billion, or ¥95.23 per share, from ¥22.03 billion, or ¥74.27 per share.

As of Aug. 9, US$1 was equivalent to ¥110.07.