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Sakata Seed fiscal Q2 profit climbs 10.8% YOY

Sakata Seed Corp. said its normalized net income for the fiscal second quarter ended Nov. 30, 2014, was ¥12.00 per share, an increase of 10.8% from ¥10.83 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥540.3 million, a gain of 10.8% from ¥487.5 million in the prior-year period.

The normalized profit margin rose to 4.3% from 4.1% in the year-earlier period.

Total revenue increased 5.2% on an annual basis to ¥12.64 billion from ¥12.02 billion, and total operating expenses grew 6.9% from the prior-year period to ¥12.20 billion from ¥11.42 billion.

Reported net income rose 48.5% year over year to ¥974.0 million, or ¥21.64 per share, from ¥656.0 million, or ¥14.58 per share.

As of Jan. 14, US$1 was equivalent to ¥116.84.