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JVC Kenwood swings to profit in fiscal Q3

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JVC Kenwood swings to profit in fiscal Q3

JVC KENWOOD Corp. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 57 Japanese sen per share, compared with a loss of ¥2.98 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥78.4 million, compared with a loss of ¥413.0 million in the prior-year period.

The normalized profit margin climbed to 0.1% from negative 0.5% in the year-earlier period.

Total revenue declined 12.6% on an annual basis to ¥71.54 billion from ¥81.88 billion, and total operating expenses fell 13.7% year over year to ¥70.14 billion from ¥81.26 billion.

Reported net income came to ¥2.42 billion, or ¥17.48 per share, compared to a loss of ¥457.0 million, or a loss of ¥3.30 per share, in the prior-year period.

As of Feb. 12, US$1 was equivalent to ¥118.90.