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Nippon Felt fiscal Q1 profit climbs 60.3% YOY

Nippon Felt Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥10.20 per share, an increase of 60.3% from ¥6.36 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥202.4 million, a gain of 60.3% from ¥126.3 million in the prior-year period.

The normalized profit margin increased to 6.9% from 4.5% in the year-earlier period.

Total revenue rose 5.9% on an annual basis to ¥2.95 billion from ¥2.78 billion, and total operating expenses totaled ¥2.70 billion, compared with ¥2.68 billion in the year-earlier period.

Reported net income rose 94.6% from the prior-year period to ¥218.0 million, or ¥10.99 per share, from ¥112.0 million, or ¥5.64 per share.

As of Aug. 14, US$1 was equivalent to ¥102.44.