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Wood Friends swings to loss in fiscal Q1

Wood Friends Co. Ltd. said its normalized net income for the fiscal first quarter ended Aug. 31 came to a loss of ¥40.04 per share, compared with ¥46.86 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 ¥58.8 million, compared with income of ¥68.8 million in the year-earlier period.

The normalized profit margin fell to negative 0.9% from 1.0% in the year-earlier period.

Total revenue declined 7.5% on an annual basis to ¥6.38 billion from ¥6.89 billion, and total operating expenses decreased year over year to ¥6.37 billion from ¥6.69 billion.

Reported net income totaled a loss of ¥81.0 million, or a loss of ¥55.21 per share, compared to income of ¥51.0 million, or ¥34.76 per share, in the year-earlier period.

As of Oct. 10, US$1 was equivalent to ¥107.98.