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Tokyo Gas swings to profit in fiscal Q2

Tokyo Gas Co. Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to ¥8.88 per share, compared with a loss of ¥17.68 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥4.06 billion, compared with a loss of ¥8.12 billion in the year-earlier period.

The normalized profit margin climbed to 1.1% from negative 2.4% in the year-earlier period.

Total revenue grew 16.3% year over year to ¥386.23 billion from ¥332.06 billion, and total operating expenses rose 9.8% year over year to ¥376.69 billion from ¥342.96 billion.

Reported net income totaled ¥4.10 billion, or ¥8.99 per share, compared with a loss of ¥12.69 billion, or a loss of ¥27.64 per share, in the prior-year period.

As of Nov. 10, US$1 was equivalent to ¥113.32.