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Hotel Newgrand swings to profit in fiscal Q2

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Hotel Newgrand swings to profit in fiscal Q2

Hotel Newgrand Co. Ltd. said its normalized net income for the fiscal second quarter ended May 31 was ¥23.69 per share, compared with a loss of 54 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥27.5 million, compared with a loss of ¥5.6 million in the year-earlier period.

The normalized profit margin increased to 1.8% from negative 0.4% in the year-earlier period.

Total revenue grew 7.5% on an annual basis to ¥1.50 billion from ¥1.39 billion, and total operating expenses rose on an annual basis to ¥1.45 billion from ¥1.40 billion.

Reported net income came to ¥68.0 million, or ¥58.59 per share, compared to a loss of ¥19.0 million, or a loss of ¥1.82 per share, in the prior-year period.

As of July 14, US$1 was equivalent to ¥105.37.