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Shinwa Art fiscal Q1 loss widens YOY

Shinwa Art Auction Co. Ltd. said its normalized net income for the fiscal first quarter ended Aug. 31 was a loss of ¥7.29 per share, compared with a loss of ¥7.69 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 ¥41.3 million, compared with a loss of ¥39.4 million in the prior-year period.

The normalized profit margin increased to negative 15.7% from negative 30.1% in the year-earlier period.

Total revenue grew year over year to ¥262.0 million from ¥131.0 million, and total operating expenses increased 77.7% year over year to ¥327.0 million from ¥184.0 million.

Reported net income came to a loss of ¥50.0 million, or a loss of ¥8.84 per share, compared to a loss of ¥66.0 million, or a loss of ¥12.89 per share, in the year-earlier period.

As of Oct. 15, US$1 was equivalent to ¥106.21.