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Kose RE Co. swings to loss in fiscal Q3

Kose R.E. Co. Ltd. said its normalized net income for the fiscal third quarter ended Oct. 31 was a loss of ¥3.99 per share, compared with ¥17.03 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥32.0 million, compared with income of ¥137.9 million in the prior-year period.

The normalized profit margin fell to negative 4.7% from 8.0% in the year-earlier period.

Total revenue declined 60.8% year over year to ¥680.0 million from ¥1.73 billion, and total operating expenses declined 51.9% on an annual basis to ¥717.0 million from ¥1.49 billion.

Reported net income totaled a loss of ¥24.9 million, or a loss of ¥3.11 per share, compared to income of ¥125.8 million, or ¥15.54 per share, in the year-earlier period.

As of Dec. 11, US$1 was equivalent to ¥119.44.