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By Kosaku Narioka
Daiseki Co. shares rose sharply after first-quarter net profit climbed 9.8% from a year earlier thanks partly to higher selling prices of recycled fuel.
The company’s shares were recently 6.2% higher at 4,305 yen after rising as much as 14% earlier.
Daiseki said Friday after market close that net profit increased to Y2.43 billion ($16.8 million) for the quarter ended May 31 from Y2.21 billion in the year-earlier period.
Despite higher operation costs, selling prices of recycled oil rose and the company increased receipt of waste liquid, it said. Its sludge-treatment business was also strong thanks to several major projects that it won.
First-quarter revenue rose 30% from a year earlier to Y17.87 billion.
Daiseki maintained its earnings projections for the fiscal year ending February 2024. It continues to forecast that revenue will increase 5.8% to Y62.00 billion and net profit will decline 3.0% to Y8.40 billion.
Write to Kosaku Narioka at [email protected]
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