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Asics Q1 profit climbs 31.6% YOY

Asics Corp. said its normalized net income for the first quarter was ¥37.75 per share, a gain of 24.2% from ¥30.39 per share in the first quarter ended June 30, 2013.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥7.58 billion, an increase of 31.6% from ¥5.76 billion in the first quarter ended June 30, 2013.

The normalized profit margin declined to 6.5% from 7.5% in the year-earlier period.

Total revenue grew 53.4% on an annual basis to ¥117.44 billion from ¥76.56 billion, and total operating expenses grew 50.0% from the prior-year period to ¥102.06 billion from ¥68.04 billion.

Reported net income increased 29.3% year over year to ¥8.51 billion, or ¥42.38 per share, from ¥6.58 billion, or ¥34.73 per share.

As of May 13, US$1 was equivalent to ¥119.08.