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Kawasaki & Co. swings to loss in fiscal Q2

Kawasaki & Co. Ltd. said its normalized net income for the fiscal second quarter ended Feb. 28 came to a loss of ¥5.19 per share, compared with ¥14.15 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 ¥11.9 million, compared with income of ¥34.4 million in the prior-year period.

The normalized profit margin dropped to negative 2.2% from 6.1% in the year-earlier period.

Total revenue declined 6.5% year over year to ¥528.0 million from ¥565.0 million, and total operating expenses decreased 7.1% year over year to ¥484.0 million from ¥521.0 million.

Reported net income totaled a loss of ¥18.0 million, or a loss of ¥7.86 per share, compared to income of ¥32.0 million, or ¥13.18 per share, in the year-earlier period.

As of April 13, US$1 was equivalent to ¥120.36.