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Shinnaigai Textile fiscal Q2 profit climbs YOY

Shinnaigai Textile Ltd. said its normalized net income for the fiscal second quarter ended Sept. 25 was ¥9.27 per share, an increase from ¥2.88 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥18.1 million, a gain from ¥5.6 million in the prior-year period.

The normalized profit margin climbed to 1.1% from 0.4% in the year-earlier period.

Total revenue grew 7.1% year over year to ¥1.65 billion from ¥1.54 billion, and total operating expenses grew 5.4% from the prior-year period to ¥1.61 billion from ¥1.53 billion.

Reported net income increased from the prior-year period to ¥18.0 million, or ¥9.20 per share, from ¥4.0 million, or ¥2.04 per share.

As of Nov. 6, US$1 was equivalent to ¥123.17.