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Sanyo Housing Nagoya swings to loss in fiscal Q3

Sanyo Housing Nagoya Co. Ltd. said its normalized net income for the fiscal third quarter ended May 31 came to a loss of 30 Japanese sen per share, compared with ¥26.66 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 ¥4.4 million, compared with income of ¥394.4 million in the prior-year period.

The normalized profit margin dropped to negative 0.1% from 4.0% in the year-earlier period.

Total revenue fell 30.5% on an annual basis to ¥6.87 billion from ¥9.88 billion, and total operating expenses fell 25.5% year over year to ¥6.93 billion from ¥9.31 billion.

Reported net income came to a loss of ¥58.1 million, or a loss of ¥3.92 per share, compared to income of ¥407.7 million, or ¥27.53 per share, in the year-earlier period.

As of July 13, US$1 was equivalent to ¥123.47.