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Rinnai fiscal Q1 profit climbs 28.9% YOY

Rinnai Corp. said its normalized net income for the fiscal first quarter ended June 30 was ¥77.68 per share, a gain of 22.0% from ¥63.66 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥4.04 billion, an increase of 28.9% from ¥3.13 billion in the prior-year period.

The normalized profit margin increased to 6.2% from 5.4% in the year-earlier period.

Total revenue increased 12.7% on an annual basis to ¥65.21 billion from ¥57.88 billion, and total operating expenses increased 9.5% on an annual basis to ¥58.51 billion from ¥53.42 billion.

Reported net income increased 41.1% from the prior-year period to ¥4.54 billion, or ¥87.28 per share, from ¥3.22 billion, or ¥65.39 per share.

As of Aug. 7, US$1 was equivalent to ¥102.16.