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Sanyo Housing Nagoya swings to profit in fiscal Q1

Sanyo Housing Nagoya Co. Ltd. said its normalized net income for the fiscal first quarter ended Nov. 30, 2014, was ¥2.49 per share, compared with a loss of ¥18.08 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥36.9 million, compared with a loss of ¥266.9 million in the year-earlier period.

The normalized profit margin rose to 0.5% from negative 7.6% in the year-earlier period.

Total revenue grew 93.5% on an annual basis to ¥6.81 billion from ¥3.52 billion, and total operating expenses rose 70.7% year over year to ¥6.81 billion from ¥3.99 billion.

Reported net income came to ¥51.1 million, or ¥3.45 per share, compared to a loss of ¥292.0 million, or a loss of ¥19.78 per share, in the year-earlier period.

As of Jan. 13, US$1 was equivalent to ¥118.49.