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Janome Sewing Machine swings to profit in fiscal Q1

Janome Sewing Machine Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥20.38 per share, compared with a loss of ¥12.82 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥394.0 million, compared with a loss of ¥247.8 million in the prior-year period.

The normalized profit margin climbed to 3.7% from negative 2.6% in the year-earlier period.

Total revenue rose 9.6% on an annual basis to ¥10.52 billion from ¥9.60 billion, and total operating expenses climbed from the prior-year period to ¥9.82 billion from ¥9.43 billion.

Reported net income totaled ¥361.0 million, or ¥18.67 per share, compared to a loss of ¥581.0 million, or a loss of ¥30.05 per share, in the year-earlier period.

As of Aug. 11, US$1 was equivalent to ¥102.12.