Three F Co. Ltd. said its normalized net income for the fiscal first quarter ended May 31 amounted to a loss of ¥3.52 per share, compared with ¥5.40 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 ¥26.6 million, compared with income of ¥40.9 million in the year-earlier period.

The normalized profit margin fell to negative 0.5% from 0.7% in the year-earlier period.

Total revenue declined 8.0% on an annual basis to ¥5.39 billion from ¥5.86 billion, and total operating expenses declined 6.3% year over year to ¥5.44 billion from ¥5.81 billion.

Reported net income came to a loss of ¥56.0 million, or a loss of ¥7.39 per share, compared to a loss of ¥60.0 million, or a loss of ¥7.92 per share, in the year-earlier period.

As of July 15, US$1 was equivalent to ¥101.70.