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Kosaikogei swings to loss in fiscal Q1

Kosaikogei Co. Ltd. said its normalized net income for the fiscal first quarter ended April 30 amounted to a loss of ¥131.83 per share, compared with ¥28.36 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 ¥49.4 million, compared with income of ¥10.6 million in the prior-year period.

The normalized profit margin declined to negative 7.2% from 1.4% in the year-earlier period.

Total revenue decreased 12.5% on an annual basis to ¥687.0 million from ¥785.0 million, and total operating expenses held steady year over year at ¥766.0 million.

Reported net income came to a loss of ¥79.0 million, or a loss of ¥210.93 per share, compared to income of ¥15.0 million, or ¥40.04 per share, in the prior-year period.

As of June 12, US$1 was equivalent to ¥123.29.