Harakosan Co. Ltd. said its normalized net income for the fiscal first quarter ended May 31 was a loss of ¥6.34 per share, compared with a loss of ¥12.36 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 ¥246.3 million, compared with a loss of ¥276.3 million in the year-earlier period.

The normalized profit margin fell to negative 87.3% from negative 43.8% in the year-earlier period.

Total revenue decreased 55.3% on an annual basis to ¥282.0 million from ¥631.0 million, and total operating expenses decreased 32.7% from the prior-year period to ¥648.0 million from ¥963.0 million.

Reported net income came to a loss of ¥438.0 million, or a loss of ¥11.27 per share, compared to a loss of ¥469.0 million, or a loss of ¥20.99 per share, in the prior-year period.

As of July 14, US$1 was equivalent to ¥101.58.