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LEC Inc. swings to profit in fiscal Q2

LEC Inc. said its normalized net income for the fiscal second quarter ended Sept. 30 came to ¥8.50 per share, compared with a loss of ¥4.69 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥149.5 million, compared with a loss of ¥82.5 million in the year-earlier period.

The normalized profit margin rose to 2.1% from negative 1.3% in the year-earlier period.

Total revenue increased 11.0% year over year to ¥7.21 billion from ¥6.50 billion, and total operating expenses rose 6.2% on an annual basis to ¥7.11 billion from ¥6.69 billion.

Reported net income came to ¥138.0 million, or ¥7.84 per share, compared to a loss of ¥215.0 million, or a loss of ¥12.22 per share, in the prior-year period.

As of Nov. 14, US$1 was equivalent to ¥116.46.