Meiwa Estate Co. Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of ¥22.12 per share, compared with ¥18.48 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 ¥550.6 million, compared with income of ¥460.0 million in the year-earlier period.
The normalized profit margin dropped to negative 20.2% from 5.3% in the year-earlier period.
Total revenue fell 68.8% on an annual basis to ¥2.73 billion from ¥8.74 billion, and total operating expenses decreased 54.9% from the prior-year period to ¥3.49 billion from ¥7.74 billion.
Reported net income came to a loss of ¥1.11 billion, or a loss of ¥44.55 per share, compared to income of ¥504.0 million, or ¥20.25 per share, in the year-earlier period.
As of Feb. 6, US$1 was equivalent to ¥119.01.
