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Taiyo Industrial swings to loss in fiscal Q1

Taiyo Industrial Co. LTD. said its normalized net income for the fiscal first quarter ended March 20 came to a loss of ¥2.54 per share, compared with 73 sen 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 ¥14.9 million, compared with income of ¥4.3 million in the prior-year period.

The normalized profit margin declined to negative 1.2% from 0.4% in the year-earlier period.

Total revenue totaled ¥1.20 billion, compared with ¥1.21 billion in the prior-year period, and total operating expenses grew from the prior-year period to ¥1.24 billion from ¥1.20 billion.

Reported net income came to a loss of ¥21.0 million, or a loss of ¥3.59 per share, compared to income of ¥4.0 million, or 68 sen per share, in the year-earlier period.

As of April 28, US$1 was equivalent to ¥108.57.