People Co. Ltd. said its normalized net income for the fiscal first quarter ended April 20 was ¥8.29 per share, compared with a loss of ¥4.00 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥36.3 million, compared with a loss of ¥17.5 million in the prior-year period.

The normalized profit margin rose to 4.9% from negative 2.6% in the year-earlier period.

Total revenue grew 9.7% on an annual basis to ¥733.0 million from ¥668.0 million, and total operating expenses decreased on an annual basis to ¥671.0 million from ¥698.0 million.

Reported net income increased on an annual basis to ¥36.0 million, or ¥8.23 per share, from ¥10.0 million, or ¥2.29 per share.

As of June 4, US$1 was equivalent to ¥102.64.