Maxvalu Nishinihon Co. Ltd. said its normalized net income for the fiscal first quarter ended May 31 came to ¥1.07 per share, a gain of 20.5% from 88 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 ¥27.9 million, a gain of 20.5% from ¥23.1 million in the prior-year period.

The normalized profit margin climbed to 0.0% from 0.0% in the year-earlier period.

Total revenue grew on an annual basis to ¥66.22 billion from ¥64.57 billion, and total operating expenses rose year over year to ¥66.30 billion from ¥64.58 billion.

Reported net income came to a loss of ¥182.0 million, or a loss of ¥6.96 per share, compared to a loss of ¥135.0 million, or a loss of ¥5.16 per share, in the prior-year period.

As of July 7, US$1 was equivalent to ¥101.83.