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Hotel Newgrand swings to loss in fiscal Q2

Hotel Newgrand Co. Ltd. said its normalized net income for the fiscal second quarter ended May 31 was a loss of 54 Japanese sen per share, compared with ¥30.68 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 ¥5.6 million, compared with income of ¥35.6 million in the year-earlier period.

The normalized profit margin dropped to negative 0.4% from 2.4% in the year-earlier period.

Total revenue decreased 5.1% year over year to ¥1.39 billion from ¥1.47 billion, and total operating expenses came to ¥1.40 billion, compared with ¥1.41 billion in the prior-year period.

Reported net income came to a loss of ¥19.0 million, or a loss of ¥1.82 per share, compared to income of ¥31.0 million, or ¥26.69 per share, in the year-earlier period.

As of July 14, US$1 was equivalent to ¥123.44.