Maxvalu Chubu Co. Ltd. said its normalized net income for the fiscal first quarter ended May 31 came to a loss of ¥7.38 per share, compared with 67 sen 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 ¥233.8 million, compared with income of ¥21.3 million in the year-earlier period.

The normalized profit margin fell to negative 0.6% from 0.1% in the year-earlier period.

Total revenue increased 5.9% on an annual basis to ¥39.60 billion from ¥37.40 billion, and total operating expenses increased 7.1% year over year to ¥40.02 billion from ¥37.37 billion.

Reported net income came to a loss of ¥377.0 million, or a loss of ¥11.91 per share, compared to income of ¥202.5 million, or ¥6.38 per share, in the prior-year period.

As of July 14, US$1 was equivalent to ¥101.58.