Niitaka Co. Ltd. said its normalized net income for the fiscal first quarter ended Aug. 31 was ¥11.54 per share, an increase of 22.5% from ¥9.42 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥68.1 million, an increase of 22.5% from ¥55.6 million in the prior-year period.

The normalized profit margin increased to 1.9% from 1.7% in the year-earlier period.

Total revenue grew 7.2% on an annual basis to ¥3.50 billion from ¥3.27 billion, and total operating expenses increased 7.1% on an annual basis to ¥3.42 billion from ¥3.19 billion.

Reported net income grew 36.5% year over year to ¥71.0 million, or ¥12.03 per share, from ¥52.0 million, or ¥8.81 per share.

As of Oct. 14, US$1 was equivalent to ¥119.23.