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J-Holdings swings to profit in Q1

J-Holdings Corp. said its first-quarter normalized net income was ¥4.51 per share, compared with a loss of ¥3.94 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥8.1 million, compared with a loss of ¥6.3 million in the prior-year period.

The normalized profit margin rose to 1.8% from negative 2.1% in the year-earlier period.

Total revenue climbed 51.7% year over year to ¥446.0 million from ¥294.0 million, and total operating expenses grew 42.0% year over year to ¥433.0 million from ¥305.0 million.

Reported net income totaled ¥13.0 million, or ¥7.22 per share, compared to a loss of ¥7.0 million, or a loss of ¥4.42 per share, in the year-earlier period.

As of May 13, US$1 was equivalent to ¥119.08.