Yamazaki Baking Co. Ltd. said its second-quarter normalized net income amounted to ¥22.74 per share, an increase of 16.2% from ¥19.57 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥4.99 billion, a gain of 16.2% from ¥4.29 billion in the prior-year period.

The normalized profit margin increased to 1.9% from 1.7% in the year-earlier period.

Total revenue climbed on an annual basis to ¥258.23 billion from ¥248.20 billion, and total operating expenses grew from the prior-year period to ¥251.14 billion from ¥241.95 billion.

Reported net income fell 44.2% year over year to ¥3.69 billion, or ¥16.81 per share, from ¥6.61 billion, or ¥30.11 per share.

As of Aug. 11, US$1 was equivalent to ¥124.86.