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Joban Kosan swings to loss in fiscal Q1

Joban Kosan Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of ¥4.13 per share, compared with ¥9.75 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 ¥36.3 million, compared with income of ¥77.5 million in the prior-year period.

The normalized profit margin fell to negative 0.4% from 0.7% in the year-earlier period.

Total revenue fell 18.8% on an annual basis to ¥9.30 billion from ¥11.45 billion, and total operating expenses decreased 17.5% from the prior-year period to ¥9.26 billion from ¥11.23 billion.

Reported net income totaled a loss of ¥67.0 million, or a loss of ¥7.62 per share, compared to income of ¥55.0 million, or ¥6.92 per share, in the prior-year period.

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