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Mitsubishi Chemical fiscal Q3 profit climbs 20.1% YOY

Mitsubishi Chemical Holdings Corp. said its normalized net income for the fiscal third quarter ended Dec. 31, 2016, was ¥27.56 per share, a gain of 20.0% from ¥22.97 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥40.40 billion, a gain of 20.1% from ¥33.64 billion in the prior-year period.

The normalized profit margin increased to 4.7% from 3.5% in the year-earlier period.

Total revenue declined 10.8% year over year to ¥864.35 billion from ¥968.72 billion, and total operating expenses fell 11.1% year over year to ¥779.51 billion from ¥876.77 billion.

Reported net income totaled ¥49.84 billion, or ¥34.00 per share, compared with a loss of ¥27.67 billion, or a loss of ¥18.90 per share, in the year-earlier period.

As of Feb. 13, US$1 was equivalent to ¥113.90.