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Kitanihon Spinning fiscal Q2 loss widens YOY

Kitanihon Spinning Co. Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was a loss of ¥3.04 per share, compared with a loss of ¥1.01 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 ¥3.8 million, compared with a loss of ¥1.3 million in the prior-year period.

The normalized profit margin declined to negative 3.5% from negative 1.2% in the year-earlier period.

Total revenue decreased on an annual basis to ¥106.0 million from ¥108.0 million, and total operating expenses came to ¥109.0 million, compared with ¥110.0 million in the prior-year period.

Reported net income came to a loss of ¥6.0 million, or a loss of ¥4.86 per share, compared to a loss of ¥1.0 million, or a loss of 81 sen per share, in the prior-year period.

As of Nov. 14, US$1 was equivalent to ¥116.46.