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Hotel Newgrand swings to loss in fiscal Q1

Hotel Newgrand Co. Ltd. said its normalized net income for the fiscal first quarter ended Feb. 28 came to a loss of ¥39.30 per share, compared with ¥12.92 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 ¥45.6 million, compared with income of ¥15.0 million in the year-earlier period.

The normalized profit margin declined to negative 3.9% from 1.1% in the year-earlier period.

Total revenue declined 11.2% year over year to ¥1.18 billion from ¥1.33 billion, and total operating expenses fell on an annual basis to ¥1.25 billion from ¥1.30 billion.

As of April 14, US$1 was equivalent to ¥119.09.