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Pioneer fiscal Q1 loss narrows YOY

Pioneer Corp. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 75 Japanese sen per share, compared with a loss of ¥17.23 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥274.4 million, compared with a loss of ¥5.56 billion in the prior-year period.

The normalized profit margin increased to negative 0.2% from negative 5.1% in the year-earlier period.

Total revenue rose year over year to ¥113.33 billion from ¥109.26 billion, and total operating expenses decreased from the prior-year period to ¥113.07 billion from ¥116.83 billion.

Reported net income totaled a loss of ¥2.09 billion, or a loss of ¥5.69 per share, compared to a loss of ¥10.08 billion, or a loss of ¥31.23 per share, in the prior-year period.

As of Aug. 8, US$1 was equivalent to ¥101.85.