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Taiyo Bussan swings to loss in fiscal Q2

Taiyo Bussan Kaisha Ltd. said its normalized net income for the fiscal second quarter ended March 31 came to a loss of ¥27.71 per share, compared with ¥39.43 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 ¥32.5 million, compared with income of ¥46.3 million in the year-earlier period.

The normalized profit margin declined to negative 0.6% from 0.8% in the year-earlier period.

Total revenue fell 5.7% year over year to ¥5.32 billion from ¥5.64 billion, and total operating expenses decreased on an annual basis to ¥5.37 billion from ¥5.55 billion.

Reported net income came to a loss of ¥46.0 million, or a loss of ¥39.22 per share, compared to income of ¥65.0 million, or ¥55.42 per share, in the prior-year period.

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