HouseFreedom Co. Ltd. said its first-quarter normalized net income amounted to a loss of ¥9.12 per share, compared with a loss of ¥6.39 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 ¥37.5 million, compared with a loss of ¥26.3 million in the prior-year period.

The normalized profit margin rose to negative 2.4% from negative 2.7% in the year-earlier period.

Total revenue rose 59.4% on an annual basis to ¥1.54 billion from ¥966.0 million, and total operating expenses increased 58.3% on an annual basis to ¥1.59 billion from ¥1.00 billion.

Reported net income came to a loss of ¥47.0 million, or a loss of ¥11.44 per share, compared to a loss of ¥33.0 million, or a loss of ¥8.03 per share, in the year-earlier period.

As of May 13, US$1 was equivalent to ¥109.14.