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Izu Shaboten Resort swings to loss in fiscal Q2

Izu Shaboten Resort Co. Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to a loss of ¥1.25 per share, compared with ¥3.27 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥35.6 million, compared with income of ¥93.1 million in the prior-year period.

The normalized profit margin fell to negative 3.7% from 10.5% in the year-earlier period.

Total revenue increased 7.3% year over year to ¥954.0 million from ¥889.0 million, and total operating expenses decreased on an annual basis to ¥742.0 million from ¥752.0 million.

Reported net income totaled a loss of ¥107.0 million, or a loss of ¥3.76 per share, compared to income of ¥151.0 million, or ¥5.30 per share, in the prior-year period.

As of Nov. 16, US$1 was equivalent to ¥123.10.