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Kitanihon Spinning fiscal Q3 loss narrows YOY

Kitanihon Spinning Co. Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of ¥2.02 per share, compared with a loss of ¥4.55 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 ¥2.5 million, compared with a loss of ¥5.6 million in the year-earlier period.

The normalized profit margin climbed to negative 2.4% from negative 6.3% in the year-earlier period.

Total revenue increased 15.6% on an annual basis to ¥104.0 million from ¥90.0 million, and total operating expenses increased 6.1% year over year to ¥104.0 million from ¥98.0 million.

Reported net income came to a loss of ¥3.0 million, or a loss of ¥2.43 per share, compared to a loss of ¥9.0 million, or a loss of ¥7.29 per share, in the year-earlier period.

As of Feb. 13, US$1 was equivalent to ¥118.68.