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FISCO swings to loss in Q1

FISCO Ltd. said its normalized net income for the first quarter came to a loss of ¥3.42 per share, compared with 68 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥126.4 million, compared with income of ¥26.9 million in the year-earlier period.

The normalized profit margin fell to negative 4.4% from 1.1% in the year-earlier period.

Total revenue increased 21.8% on an annual basis to ¥2.90 billion from ¥2.38 billion, and total operating expenses increased 25.7% on an annual basis to ¥3.11 billion from ¥2.47 billion.

Reported net income totaled a loss of ¥162.0 million, or a loss of ¥4.39 per share, compared to income of ¥35.4 million, or 90 sen per share, in the prior-year period.

As of May 13, US$1 was equivalent to ¥109.14.