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Misawa Homes Chugoku fiscal Q1 loss widens YOY

Misawa Homes Chugoku Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of ¥26.71 per share, compared with a loss of ¥5.32 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 ¥307.5 million, compared with a loss of ¥61.3 million in the prior-year period.

The normalized profit margin dropped to negative 5.2% from negative 0.9% in the year-earlier period.

Total revenue decreased 12.6% on an annual basis to ¥5.88 billion from ¥6.73 billion, and total operating expenses fell 6.7% year over year to ¥6.37 billion from ¥6.82 billion.

Reported net income totaled a loss of ¥341.0 million, or a loss of ¥29.62 per share, compared to a loss of ¥56.0 million, or a loss of ¥4.86 per share, in the prior-year period.

As of Aug. 1, US$1 was equivalent to ¥102.47.