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Maxvalu Chubu swings to loss in fiscal Q2

Maxvalu Chubu Co. Ltd. said its normalized net income for the fiscal second quarter ended Aug. 31 was a loss of 74 Japanese sen per share, compared with ¥9.12 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 ¥23.5 million, compared with income of ¥288.8 million in the year-earlier period.

The normalized profit margin dropped to negative 0.1% from 0.7% in the year-earlier period.

Total revenue rose 8.6% on an annual basis to ¥42.07 billion from ¥38.73 billion, and total operating expenses grew 10.1% from the prior-year period to ¥42.18 billion from ¥38.31 billion.

Reported net income came to a loss of ¥140.0 million, or a loss of ¥4.42 per share, compared to a loss of ¥185.4 million, or a loss of ¥5.84 per share, in the year-earlier period.

As of Oct. 14, US$1 was equivalent to ¥107.05.