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Palace Amusement swings to loss in fiscal Q2

The Palace Amusement Co. (1921) Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to a loss of J$2.27 per share, compared with 93 cents 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 J$3.3 million, compared with income of J$1.3 million in the prior-year period.

The normalized profit margin dropped to negative 1.5% from 0.7% in the year-earlier period.

Total revenue climbed on an annual basis to J$212.0 million from J$203.6 million, and total operating expenses climbed 8.0% on an annual basis to J$216.7 million from J$200.7 million.

Reported net income came to a loss of J$5.2 million, or a loss of J$3.65 per share, compared to income of J$2.1 million, or J$1.48 per share, in the prior-year period.

As of Feb. 11, US$1 was equivalent to J$121.03.