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Kose RE Co. swings to profit in fiscal Q1

Kose R.E. Co. Ltd. said its normalized net income for the fiscal first quarter ended April 30 was ¥16.51 per share, compared with a loss of 40 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥133.8 million, compared with a loss of ¥3.3 million in the year-earlier period.

The normalized profit margin rose to 6.8% from negative 0.4% in the year-earlier period.

Total revenue grew on an annual basis to ¥1.96 billion from ¥775.0 million, and total operating expenses rose from the prior-year period to ¥1.73 billion from ¥783.0 million.

Reported net income totaled ¥159.2 million, or ¥19.64 per share, compared to a loss of ¥14.0 million, or a loss of ¥1.74 per share, in the year-earlier period.

As of June 12, US$1 was equivalent to ¥101.82.