Gaiax Co.Ltd. said its normalized net income for the first quarter came to a loss of ¥9.74 per share, compared with ¥4.52 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 ¥46.3 million, compared with income of ¥21.3 million in the prior-year period.

The normalized profit margin dropped to negative 3.5% from 1.8% in the year-earlier period.

Total revenue climbed 11.5% year over year to ¥1.32 billion from ¥1.19 billion, and total operating expenses rose 21.2% year over year to ¥1.40 billion from ¥1.15 billion.

Reported net income came to a loss of ¥66.0 million, or a loss of ¥13.90 per share, compared to income of ¥29.6 million, or ¥6.21 per share, in the year-earlier period.

As of May 12, US$1 was equivalent to ¥108.72.