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Buffalo swings to loss in fiscal Q1

Buffalo Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of ¥20.92 per share, compared with ¥2.43 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 ¥43.1 million, compared with income of ¥5.0 million in the year-earlier period.

The normalized profit margin dropped to negative 2.5% from 0.3% in the year-earlier period.

Total revenue fell 11.3% on an annual basis to ¥1.74 billion from ¥1.96 billion, and total operating expenses fell 8.0% on an annual basis to ¥1.83 billion from ¥1.99 billion.

Reported net income came to a loss of ¥42.0 million, or a loss of ¥20.37 per share.

As of Aug. 12, US$1 was equivalent to ¥102.19.