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Royal Hotel swings to loss in fiscal Q1

The Royal Hotel, Ltd said its normalized net income for the fiscal first quarter ended June 30 was a loss of ¥2.01 per share, compared with ¥16.99 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 ¥20.6 million, compared with income of ¥247.5 million in the prior-year period.

The normalized profit margin fell to negative 0.2% from 2.2% in the year-earlier period.

Total revenue declined 5.9% on an annual basis to ¥10.53 billion from ¥11.18 billion, and total operating expenses declined on an annual basis to ¥10.47 billion from ¥10.68 billion.

Reported net income totaled a loss of ¥47.0 million, or a loss of ¥4.59 per share, compared to income of ¥389.1 million, or ¥26.70 per share, in the prior-year period.

As of Aug. 8, US$1 was equivalent to ¥101.85.