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Mitsubishi Chemical fiscal Q1 profit climbs 80.3% YOY

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Mitsubishi Chemical fiscal Q1 profit climbs 80.3% YOY

Mitsubishi Chemical Holdings Corp. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥25.90 per share, a gain of 69.6% from ¥15.28 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥40.37 billion, an increase of 80.3% from ¥22.39 billion in the year-earlier period.

The normalized profit margin rose to 4.5% from 2.8% in the year-earlier period.

Total revenue climbed 13.0% on an annual basis to ¥898.02 billion from ¥794.59 billion, and total operating expenses climbed 10.8% on an annual basis to ¥812.60 billion from ¥733.58 billion.

Reported net income rose 91.2% year over year to ¥47.78 billion, or ¥30.66 per share, from ¥24.99 billion, or ¥17.05 per share.

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