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Akikawa Foods & Farms fiscal Q1 loss widens 13.3% YOY

Akikawa Foods & Farms Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of ¥2.55 per share, compared with a loss of ¥2.25 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 ¥10.6 million, compared with a loss of ¥9.4 million in the year-earlier period.

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

Total revenue climbed 5.5% year over year to ¥1.11 billion from ¥1.05 billion, and total operating expenses increased 5.3% from the prior-year period to ¥1.13 billion from ¥1.07 billion.

Reported net income totaled a loss of ¥22.0 million, or a loss of ¥5.27 per share, compared to a loss of ¥18.0 million, or a loss of ¥4.31 per share, in the prior-year period.

As of Aug. 12, US$1 was equivalent to ¥102.19.