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Kanemitsu fiscal Q1 profit climbs 20.4% YOY

Kanemitsu Corp. said its normalized net income for the fiscal first quarter ended June 30 came to ¥16.87 per share, a gain of 20.4% from ¥14.01 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥86.3 million, an increase of 20.4% from ¥71.6 million in the prior-year period.

The normalized profit margin increased to 4.1% from 3.8% in the year-earlier period.

Total revenue climbed 10.0% on an annual basis to ¥2.10 billion from ¥1.91 billion, and total operating expenses climbed 10.2% from the prior-year period to ¥1.94 billion from ¥1.76 billion.

Reported net income grew 9.4% year over year to ¥93.0 million, or ¥18.19 per share, from ¥85.0 million, or ¥16.62 per share.

As of Aug. 6, US$1 was equivalent to ¥124.71.