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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, 2016, was a loss of ¥12.44 per share, compared with ¥23.33 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 ¥5.71 billion, compared with income of ¥11.15 billion in the year-earlier period.

The normalized profit margin declined to negative 1.5% from 2.5% in the year-earlier period.

Total revenue decreased 13.7% on an annual basis to ¥378.30 billion from ¥438.49 billion, and total operating expenses decreased 8.0% on an annual basis to ¥386.34 billion from ¥420.14 billion.

Reported net income came to a loss of ¥9.05 billion, or a loss of ¥19.72 per share, compared with a loss of ¥1.70 billion, or a loss of ¥3.56 per share, in the year-earlier period.

As of Feb. 14, US$1 was equivalent to ¥114.11.