Misawa & Co. Ltd. said its normalized net income for the fiscal third quarter ended Oct. 31 amounted to 62 Japanese sen per share, a decrease of 94.9% from ¥12.12 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥4.4 million, a decrease of 94.6% from ¥80.6 million in the prior-year period.

The normalized profit margin dropped to 0.2% from 4.5% in the year-earlier period.

Total revenue increased year over year to ¥1.87 billion from ¥1.78 billion, and total operating expenses increased 12.6% from the prior-year period to ¥1.86 billion from ¥1.65 billion.

Reported net income totaled a loss of ¥963,940, or a loss of 14 sen per share, compared to income of ¥69.3 million, or ¥10.42 per share, in the prior-year period.

As of Dec. 10, US$1 was equivalent to ¥121.49.