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Universal Entertainment swings to profit in fiscal Q1

Universal Entertainment Corp. said its normalized net income for the fiscal first quarter ended June 30 came to ¥21.64 per share, compared with a loss of ¥13.51 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.59 billion, compared with a loss of ¥991.4 million in the prior-year period.

The normalized profit margin increased to 9.2% from negative 17.4% in the year-earlier period.

Total revenue increased year over year to ¥17.18 billion from ¥5.69 billion, and total operating expenses climbed 63.4% on an annual basis to ¥13.43 billion from ¥8.22 billion.

Reported net income totaled ¥720.0 million, or ¥9.81 per share, compared to a loss of ¥1.25 billion, or a loss of ¥17.05 per share, in the year-earlier period.

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