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Tachi-S swings to loss in fiscal Q1

Tachi-S Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of ¥4.27 per share, compared with ¥8.40 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 ¥155.5 million, compared with income of ¥306.0 million in the year-earlier period.

The normalized profit margin fell to negative 0.3% from 0.6% in the year-earlier period.

Total revenue grew 20.0% on an annual basis to ¥57.69 billion from ¥48.07 billion, and total operating expenses rose 21.1% year over year to ¥58.77 billion from ¥48.53 billion.

Reported net income totaled a loss of ¥188.0 million, or a loss of ¥5.16 per share, compared to income of ¥600.0 million, or ¥16.47 per share, in the year-earlier period.

As of Aug. 8, US$1 was equivalent to ¥101.85.