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Wakou Shokuhin swings to loss in fiscal Q1

Wakou Shokuhin Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of ¥37.40 per share, compared with ¥82.43 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 ¥30.6 million, compared with income of ¥67.5 million in the prior-year period.

The normalized profit margin fell to negative 2.2% from 4.8% in the year-earlier period.

Total revenue declined on an annual basis to ¥1.38 billion from ¥1.39 billion, and total operating expenses grew 6.2% from the prior-year period to ¥1.42 billion from ¥1.33 billion.

Reported net income totaled a loss of ¥51.0 million, or a loss of ¥62.28 per share, compared to income of ¥64.0 million, or ¥78.16 per share, in the prior-year period.

As of Aug. 13, US$1 was equivalent to ¥102.37.