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Greenland Resort swings to profit in Q1

Greenland Resort Co. Ltd said its normalized net income for the first quarter came to 30 Japanese sen per share, compared with a loss of ¥3.33 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥3.1 million, compared with a loss of ¥34.4 million in the prior-year period.

The normalized profit margin rose to 0.2% from negative 2.3% in the year-earlier period.

Total revenue climbed year over year to ¥1.56 billion from ¥1.52 billion, and total operating expenses decreased from the prior-year period to ¥1.54 billion from ¥1.57 billion.

Reported net income came to a loss of ¥4.0 million, or a loss of 39 sen per share, compared to a loss of ¥43.0 million, or a loss of ¥4.16 per share, in the prior-year period.

As of May 13, US$1 was equivalent to ¥109.14.