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Daiwa swings to profit in fiscal Q3

Daiwa Co. Ltd. said its normalized net income for the fiscal third quarter ended Nov. 30, 2014, amounted to ¥16.58 per share, compared with a loss of ¥2.00 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥93.1 million, compared with a loss of ¥11.3 million in the prior-year period.

The normalized profit margin increased to 0.8% from negative 0.1% in the year-earlier period.

Total revenue totaled ¥11.62 billion, compared with ¥11.54 billion in the year-earlier period, and total operating expenses totaled ¥11.43 billion, compared with ¥11.50 billion in the year-earlier period.

Reported net income came to ¥11.0 million, or ¥1.96 per share, compared to a loss of ¥230.0 million, or a loss of ¥40.93 per share, in the prior-year period.

As of Jan. 13, US$1 was equivalent to ¥118.49.