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Miyoshi Oil & Fat swings to profit in Q3

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Miyoshi Oil & Fat swings to profit in Q3

Miyoshi Oil & Fat Co. Ltd. said its normalized net income for the third quarter was ¥3.51 per share, compared with a loss of ¥10.38 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥36.1 million, compared with a loss of ¥106.9 million in the year-earlier period.

The normalized profit margin climbed to 0.3% from negative 1.0% in the year-earlier period.

Total revenue totaled ¥10.96 billion, compared with ¥10.99 billion in the prior-year period, and total operating expenses declined year over year to ¥10.90 billion from ¥11.16 billion.

Reported net income came to ¥35.0 million, or ¥3.40 per share, compared to a loss of ¥87.0 million, or a loss of ¥8.45 per share, in the prior-year period.

As of Nov. 9, US$1 was equivalent to ¥123.27.