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Morozoff swings to loss in fiscal Q2

Morozoff Ltd. said its normalized net income for the fiscal second quarter ended July 31 came to a loss of ¥7.41 per share, compared with 69 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 ¥26.9 million, compared with income of ¥2.5 million in the prior-year period.

The normalized profit margin fell to negative 0.5% from 0.0% in the year-earlier period.

Total revenue fell year over year to ¥5.74 billion from ¥5.96 billion, and total operating expenses declined on an annual basis to ¥5.88 billion from ¥6.03 billion.

Reported net income came to a loss of ¥52.0 million, or a loss of ¥14.35 per share, compared to a loss of ¥32.0 million, or a loss of ¥8.83 per share, in the year-earlier period.

As of Sept. 12, US$1 was equivalent to ¥107.36.