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Akebono Brake Industry swings to loss in fiscal Q3

Akebono Brake Industry Co. Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of ¥5.57 per share, compared with ¥4.42 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥740.5 million, compared with income of ¥589.5 million in the year-earlier period.

The normalized profit margin fell to negative 1.2% from 1.0% in the year-earlier period.

Total revenue grew on an annual basis to ¥62.61 billion from ¥59.87 billion, and total operating expenses grew 9.0% on an annual basis to ¥63.51 billion from ¥58.26 billion.

Reported net income totaled a loss of ¥1.42 billion, or a loss of ¥10.68 per share, compared to income of ¥569.5 million, or ¥4.27 per share, in the year-earlier period.

As of Feb. 9, US$1 was equivalent to ¥118.60.