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Nippon Shikizai swings to profit in fiscal Q2

Nippon Shikizai Inc. said its normalized net income for the fiscal second quarter ended Aug. 31 came to ¥8.70 per share, compared with a loss of ¥75.36 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥7.5 million, compared with a loss of ¥65.0 million in the year-earlier period.

The normalized profit margin increased to 0.4% from negative 3.6% in the year-earlier period.

Total revenue grew 11.5% on an annual basis to ¥1.99 billion from ¥1.79 billion, and total operating expenses climbed 4.9% year over year to ¥1.97 billion from ¥1.88 billion.

Reported net income totaled a loss of ¥19.0 million, or a loss of ¥22.03 per share, compared to a loss of ¥91.0 million, or a loss of ¥105.50 per share, in the prior-year period.

As of Oct. 14, US$1 was equivalent to ¥119.23.