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Hikari Furniture fiscal Q1 profit climbs 37.7% YOY

Hikari Furniture Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥123.28 per share, a gain of 37.7% from ¥89.53 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥436.3 million, a gain of 37.7% from ¥316.9 million in the prior-year period.

The normalized profit margin rose to 19.4% from 15.8% in the year-earlier period.

Total revenue grew 11.9% on an annual basis to ¥2.25 billion from ¥2.01 billion, and total operating expenses climbed from the prior-year period to ¥1.56 billion from ¥1.51 billion.

Reported net income grew 45.8% year over year to ¥468.0 million, or ¥132.25 per share, from ¥321.0 million, or ¥90.70 per share.

As of Aug. 11, US$1 was equivalent to ¥124.86.