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Riso Kyoiku swings to profit in fiscal Q3

Riso Kyoiku Co. Ltd. said its normalized net income for the fiscal third quarter ended Nov. 30, 2014, was ¥2.32 per share, compared with a loss of ¥1.76 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥119.4 million, compared with a loss of ¥81.9 million in the prior-year period.

The normalized profit margin climbed to 2.7% from negative 1.7% in the year-earlier period.

Total revenue declined 9.5% on an annual basis to ¥4.46 billion from ¥4.93 billion, and total operating expenses fell 15.7% on an annual basis to ¥4.27 billion from ¥5.06 billion.

Reported net income came to ¥145.0 million, or ¥2.82 per share, compared to a loss of ¥1.69 billion, or a loss of ¥36.22 per share, in the prior-year period.

As of Jan. 14, US$1 was equivalent to ¥116.84.