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Shinwa Art fiscal Q2 profit falls YOY

Shinwa Art Auction Co. Ltd. said its normalized net income for the fiscal second quarter ended Nov. 30, 2014, came to ¥6.10 per share, a decrease of 55.1% from ¥13.57 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥34.5 million, a decrease of 56.6% from ¥79.5 million in the prior-year period.

The normalized profit margin dropped to 6.2% from 18.2% in the year-earlier period.

Total revenue climbed 26.8% year over year to ¥554.0 million from ¥437.0 million, and total operating expenses climbed 59.6% on an annual basis to ¥501.0 million from ¥314.0 million.

Reported net income declined 77.1% on an annual basis to ¥26.0 million, or ¥4.59 per share, from ¥113.8 million, or ¥19.42 per share.

As of Jan. 14, US$1 was equivalent to ¥116.84.