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Meiwa Estate swings to profit in fiscal Q3

Meiwa Estate Co. Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was ¥7.43 per share, compared with a loss of ¥22.12 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥185.0 million, compared with a loss of ¥550.6 million in the year-earlier period.

The normalized profit margin increased to 1.9% from negative 20.2% in the year-earlier period.

Total revenue rose on an annual basis to ¥9.80 billion from ¥2.73 billion, and total operating expenses grew year over year to ¥9.38 billion from ¥3.49 billion.

Reported net income totaled ¥297.0 million, or ¥11.93 per share, compared to a loss of ¥1.11 billion, or a loss of ¥44.55 per share, in the year-earlier period.

As of Feb. 5, US$1 was equivalent to ¥117.16.