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Misawa Homes fiscal Q3 loss widens YOY

Misawa Homes Co. Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of ¥69.25 per share, compared with a loss of ¥21.45 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 ¥2.58 billion, compared with a loss of ¥797.0 million in the year-earlier period.

The normalized profit margin declined to negative 3.4% from negative 0.9% in the year-earlier period.

Total revenue decreased 11.7% on an annual basis to ¥77.13 billion from ¥87.38 billion, and total operating expenses declined 8.3% on an annual basis to ¥81.38 billion from ¥88.71 billion.

Reported net income came to a loss of ¥3.82 billion, or a loss of ¥102.32 per share, compared to a loss of ¥2.60 billion, or a loss of ¥69.99 per share, in the prior-year period.

As of Feb. 6, US$1 was equivalent to ¥119.01.