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Shinwa Art fiscal Q3 loss widens YOY

Shinwa Art Auction Co. Ltd. said its normalized net income for the fiscal third quarter ended Feb. 28 amounted to a loss of ¥12.45 per share, compared with a loss of ¥6.32 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 ¥70.5 million, compared with a loss of ¥34.3 million in the year-earlier period.

The normalized profit margin dropped to negative 14.4% from negative 12.5% in the year-earlier period.

Total revenue climbed 78.2% on an annual basis to ¥490.0 million from ¥275.0 million, and total operating expenses rose 81.0% year over year to ¥601.0 million from ¥332.0 million.

Reported net income came to a loss of ¥74.0 million, or a loss of ¥13.07 per share, compared to a loss of ¥41.8 million, or a loss of ¥7.76 per share, in the prior-year period.

As of April 14, US$1 was equivalent to ¥119.09.