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Sanyo Shokai swings to loss in Q3

Sanyo Shokai Ltd. said its third-quarter normalized net income came to a loss of ¥43.36 per share, compared with ¥42.70 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 ¥545.0 million, compared with income of ¥536.9 million in the prior-year period.

The normalized profit margin dropped to negative 3.0% from 2.4% in the year-earlier period.

Total revenue fell 18.8% on an annual basis to ¥18.28 billion from ¥22.52 billion, and total operating expenses fell 11.3% on an annual basis to ¥19.19 billion from ¥21.63 billion.

Reported net income totaled a loss of ¥2.00 billion, or a loss of ¥159.34 per share, compared to income of ¥482.0 million, or ¥38.34 per share, in the year-earlier period.

As of Nov. 12, US$1 was equivalent to ¥122.92.