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Golf Do swings to profit in fiscal Q1

Golf Do Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥9.74 per share, compared with a loss of 76 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥24.8 million, compared with a loss of ¥1.9 million in the year-earlier period.

The normalized profit margin increased to 2.1% from negative 0.2% in the year-earlier period.

Total revenue rose 8.7% year over year to ¥1.21 billion from ¥1.11 billion, and total operating expenses climbed year over year to ¥1.17 billion from ¥1.11 billion.

Reported net income increased from the prior-year period to ¥36.8 million, or ¥14.50 per share, from ¥14.0 million, or ¥5.64 per share.

As of Aug. 14, US$1 was equivalent to ¥124.29.