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Agora Hospitality Q3 profit falls YOY

Agora Hospitality Group Co. Ltd. said its third-quarter normalized net income came to 10 Japanese sen per share, a decline of 86.3% from 72 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥27.0 million, a decline of 86.8% from ¥204.3 million in the prior-year period.

The normalized profit margin declined to 1.3% from 10.1% in the year-earlier period.

Total revenue increased 6.8% year over year to ¥2.16 billion from ¥2.02 billion, and total operating expenses came to ¥2.02 billion, compared with ¥2.01 billion in the prior-year period.

Reported net income fell 91.3% on an annual basis to ¥28.0 million, or 10 sen per share, from ¥320.0 million, or ¥1.12 per share.

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