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Nitto Seimo swings to profit in fiscal Q3

Nitto Seimo Co. Ltd. said its normalized net income for the fiscal third quarter ended Jan. 31 was ¥8.85 per share, compared with a loss of ¥8.27 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥23.0 million, compared with a loss of ¥21.5 million in the year-earlier period.

The normalized profit margin increased to 0.7% from negative 0.7% in the year-earlier period.

Total revenue rose 9.7% year over year to ¥3.40 billion from ¥3.10 billion, and total operating expenses rose 9.7% on an annual basis to ¥3.38 billion from ¥3.08 billion.

Reported net income totaled a loss of ¥7.0 million, or a loss of ¥2.69 per share, compared to a loss of ¥45.0 million, or a loss of ¥17.31 per share, in the year-earlier period.

As of March 11, US$1 was equivalent to ¥121.48.