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Meiwa Estate swings to profit in fiscal Q1

Meiwa Estate Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥102.16 per share, compared with a loss of ¥9.52 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥2.54 billion, compared with a loss of ¥236.9 million in the year-earlier period.

The normalized profit margin rose to 9.3% from negative 4.3% in the year-earlier period.

Total revenue increased year over year to ¥27.49 billion from ¥5.54 billion, and total operating expenses rose on an annual basis to ¥23.18 billion from ¥5.63 billion.

Reported net income totaled ¥3.76 billion, or ¥151.05 per share, compared to a loss of ¥232.0 million, or a loss of ¥9.32 per share, in the prior-year period.

As of Aug. 8, US$1 was equivalent to ¥101.85.