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Shinwa Art fiscal Q3 loss narrows YOY

Shinwa Art Auction Co. Ltd. said its normalized net income for the fiscal third quarter ended Feb. 29 was a loss of ¥4.69 per share, compared with a loss of ¥12.45 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 ¥26.9 million, compared with a loss of ¥70.5 million in the year-earlier period.

The normalized profit margin climbed to negative 3.7% from negative 14.4% in the year-earlier period.

Total revenue grew 49.0% on an annual basis to ¥730.0 million from ¥490.0 million, and total operating expenses rose 27.5% year over year to ¥766.0 million from ¥601.0 million.

Reported net income totaled a loss of ¥63.1 million, or a loss of ¥10.99 per share, compared to a loss of ¥74.0 million, or a loss of ¥13.07 per share, in the prior-year period.

As of April 14, US$1 was equivalent to ¥109.17.