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First Baking swings to loss in Q1

First Baking Co. Ltd. said its first-quarter normalized net income was a loss of ¥2.55 per share, compared with ¥12.71 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 ¥17.6 million, compared with income of ¥88.0 million in the year-earlier period.

The normalized profit margin fell to negative 0.3% from 1.4% in the year-earlier period.

Total revenue decreased 5.0% year over year to ¥5.95 billion from ¥6.27 billion, and total operating expenses decreased from the prior-year period to ¥6.00 billion from ¥6.13 billion.

Reported net income decreased 89.4% on an annual basis to ¥14.0 million, or ¥2.02 per share, from ¥132.0 million, or ¥19.06 per share.

As of May 12, US$1 was equivalent to ¥119.88.