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New Art swings to profit in fiscal Q1

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New Art swings to profit in fiscal Q1

New Art Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 34 Japanese sen per share, compared with a loss of 55 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥112.5 million, compared with a loss of ¥110.6 million in the prior-year period.

The normalized profit margin rose to 4.2% from negative 7.4% in the year-earlier period.

Total revenue grew 78.9% year over year to ¥2.67 billion from ¥1.49 billion, and total operating expenses increased 48.9% year over year to ¥2.48 billion from ¥1.67 billion.

Reported net income came to ¥141.0 million, or 42 sen per share, compared to a loss of ¥43.0 million, or a loss of 22 sen per share, in the prior-year period.

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