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Toshiba swings to profit in fiscal Q1

Toshiba Corp. said its normalized net income for the fiscal first quarter ended June 30 came to 31 Japanese sen per share, compared with a loss of ¥2.73 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.30 billion, compared with a loss of ¥11.54 billion in the prior-year period.

The normalized profit margin increased to 0.1% from negative 0.9% in the year-earlier period.

Total revenue declined 10.6% year over year to ¥1.207 trillion from ¥1.350 trillion, and total operating expenses decreased 12.7% from the prior-year period to ¥1.187 trillion from ¥1.361 trillion.

Reported net income totaled ¥3.05 billion, or 72 sen per share, compared with a loss of ¥12.27 billion, or a loss of ¥2.90 per share, in the year-earlier period.

As of Aug. 12, US$1 was equivalent to ¥100.91.