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Misawa Homes fiscal Q1 loss widens 5.3% YOY

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Misawa Homes fiscal Q1 loss widens 5.3% YOY

Misawa Homes Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of ¥61.55 per share, compared with a loss of ¥58.65 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥2.29 billion, compared with a loss of ¥2.18 billion in the prior-year period.

The normalized profit margin declined to negative 3.0% from negative 3.0% in the year-earlier period.

Total revenue climbed year over year to ¥76.02 billion from ¥73.49 billion, and total operating expenses increased from the prior-year period to ¥79.81 billion from ¥77.12 billion.

Reported net income totaled a loss of ¥3.56 billion, or a loss of ¥95.70 per share, compared to a loss of ¥3.48 billion, or a loss of ¥93.81 per share, in the year-earlier period.

As of Aug. 8, US$1 was equivalent to ¥101.85.