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Success Holdings swings to loss in Q1

Success Holdings Co. Ltd. said its first-quarter normalized net income came to a loss of ¥3.82 per share, compared with ¥6.80 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 ¥20.0 million, compared with income of ¥35.6 million in the year-earlier period.

The normalized profit margin dropped to negative 0.7% from 1.5% in the year-earlier period.

Total revenue increased 16.2% year over year to ¥2.75 billion from ¥2.37 billion, and total operating expenses grew 20.4% on an annual basis to ¥2.78 billion from ¥2.31 billion.

Reported net income totaled a loss of ¥25.0 million, or a loss of ¥4.77 per share, compared to income of ¥32.0 million, or ¥6.11 per share, in the prior-year period.

As of May 12, US$1 was equivalent to ¥119.88.