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V-cube Q1 loss widens YOY

V-cube Inc. said its first-quarter normalized net income was a loss of ¥6.17 per share, compared with a loss of ¥1.19 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 ¥116.1 million, compared with a loss of ¥22.0 million in the year-earlier period.

The normalized profit margin dropped to negative 7.3% from negative 1.8% in the year-earlier period.

Total revenue climbed 27.7% year over year to ¥1.59 billion from ¥1.25 billion, and total operating expenses grew 40.0% from the prior-year period to ¥1.70 billion from ¥1.21 billion.

Reported net income came to a loss of ¥135.0 million, or a loss of ¥7.18 per share, compared to a loss of ¥47.0 million, or a loss of ¥2.55 per share, in the prior-year period.

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