Nichirin Co. Ltd. said its third-quarter normalized net income came to ¥47.31 per share, an increase of 17.9% from ¥40.15 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥679.0 million, a gain of 17.8% from ¥576.3 million in the prior-year period.

The normalized profit margin rose to 5.4% from 5.1% in the year-earlier period.

Total revenue increased 11.1% year over year to ¥12.53 billion from ¥11.28 billion, and total operating expenses rose 7.0% from the prior-year period to ¥11.01 billion from ¥10.29 billion.

Reported net income rose on an annual basis to ¥943.0 million, or ¥65.71 per share, from ¥460.0 million, or ¥32.05 per share.

As of Nov. 12, US$1 was equivalent to ¥122.92.