Sapporo Holdings Ltd. said its first-quarter normalized net income was a loss of ¥35.02 per share, compared with a loss of ¥17.61 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 ¥2.73 billion, compared with a loss of ¥1.37 billion in the year-earlier period.

The normalized profit margin declined to negative 2.5% from negative 1.2% in the year-earlier period.

Total revenue fell year over year to ¥108.46 billion from ¥112.08 billion, and total operating expenses came to ¥112.78 billion, compared with ¥113.81 billion in the year-earlier period.

Reported net income totaled ¥882.0 million, or ¥11.32 per share, compared to a loss of ¥3.81 billion, or a loss of ¥48.89 per share, in the year-earlier period.

As of May 14, US$1 was equivalent to ¥119.24.