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Earnings at the nation’s biggest companies may have bottomed out as cost-cutting and improved business conditions helped many bounce back to profitability after taking a beating last quarter, a brokerage said in a recent survey.

The combined pretax profits of 401 companies listed on the first section of the Tokyo Stock Exchange who had released their April-June earnings as of Thursday totaled ¥1.03 trillion on an all-industry basis, compared with the collective ¥2.19 trillion loss posted in January-March, Nikko Cordial Securities Inc. said.

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