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Agora Hospitality swings to loss in Q2

AGORA Hospitality Group Co. Ltd said its second-quarter normalized net income came to a loss of 34 Japanese sen per share, compared with 18 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 a loss of ¥94.4 million, compared with income of ¥49.3 million in the prior-year period.

The normalized profit margin fell to negative 5.0% from 2.5% in the year-earlier period.

Total revenue fell year over year to ¥1.90 billion from ¥1.93 billion, and total operating expenses increased on an annual basis to ¥1.90 billion from ¥1.81 billion.

Reported net income totaled a loss of ¥159.4 million, or a loss of 58 sen per share, compared to a loss of ¥60.0 million, or a loss of 22 sen per share, in the year-earlier period.

As of Aug. 12, US$1 was equivalent to ¥100.91.