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Fuji Shoji swings to loss in fiscal Q1

Fuji Shoji Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of ¥63.97 per share, compared with ¥29.20 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 ¥1.56 billion, compared with income of ¥726.9 million in the year-earlier period.

The normalized profit margin fell to negative 38.9% from 7.5% in the year-earlier period.

Total revenue decreased 58.3% on an annual basis to ¥4.01 billion from ¥9.64 billion, and total operating expenses declined 23.0% on an annual basis to ¥6.56 billion from ¥8.52 billion.

Reported net income totaled a loss of ¥1.63 billion, or a loss of ¥66.98 per share, compared to income of ¥772.0 million, or ¥31.01 per share, in the prior-year period.

As of Aug. 8, US$1 was equivalent to ¥101.85.