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Subaru swings to profit in fiscal Q3

Subaru Co. Ltd. said its normalized net income for the fiscal third quarter ended Nov. 30, 2014, came to ¥5.28 per share, compared with a loss of ¥12.94 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥3.1 million, compared with a loss of ¥8.1 million in the year-earlier period.

The normalized profit margin climbed to 0.4% from negative 1.0% in the year-earlier period.

Total revenue climbed year over year to ¥791.0 million from ¥774.0 million, and total operating expenses stayed flat year over year at ¥792.0 million.

Reported net income came to a loss of ¥2.0 million, or a loss of ¥3.38 per share, compared to a loss of ¥13.0 million, or a loss of ¥20.71 per share, in the prior-year period.

As of Jan. 13, US$1 was equivalent to ¥118.49.