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Tokyo Gas swings to loss in fiscal Q3

Tokyo Gas Co. Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of ¥27.22 per share, compared with ¥21.83 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥13.28 billion, compared with income of ¥10.96 billion in the prior-year period.

The normalized profit margin declined to negative 2.4% from 2.2% in the year-earlier period.

Total revenue increased 9.4% year over year to ¥549.08 billion from ¥501.82 billion, and total operating expenses grew 17.5% on an annual basis to ¥566.92 billion from ¥482.50 billion.

Reported net income came to a loss of ¥19.24 billion, or a loss of ¥39.43 per share, compared with income of ¥12.39 billion, or ¥24.67 per share, in the prior-year period.

As of Feb. 16, US$1 was equivalent to ¥118.46.