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Hagoromo Foods swings to profit in fiscal Q1

Hagoromo Foods Corp. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥30.14 per share, compared with a loss of 37 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 ¥567.5 million, compared with a loss of ¥6.9 million in the prior-year period.

The normalized profit margin increased to 3.0% from negative 0.0% in the year-earlier period.

Total revenue totaled ¥18.62 billion, compared with ¥18.76 billion in the year-earlier period, and total operating expenses fell 6.6% on an annual basis to ¥17.77 billion from ¥19.03 billion.

Reported net income grew from the prior-year period to ¥587.0 million, or ¥31.17 per share, from ¥56.0 million, or ¥2.97 per share.

As of Aug. 13, US$1 was equivalent to ¥102.37.