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Nippon Shikizai swings to loss in fiscal Q1

Nippon Shikizai Inc. said its normalized net income for the fiscal first quarter ended May 31 was a loss of ¥28.98 per share, compared with ¥21.01 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 ¥25.0 million, compared with income of ¥18.1 million in the prior-year period.

The normalized profit margin fell to negative 1.3% from 1.0% in the year-earlier period.

Total revenue rose 6.0% on an annual basis to ¥1.88 billion from ¥1.77 billion, and total operating expenses grew 9.4% from the prior-year period to ¥1.90 billion from ¥1.74 billion.

Reported net income totaled a loss of ¥41.0 million, or a loss of ¥47.53 per share, compared to income of ¥20.0 million, or ¥23.19 per share, in the year-earlier period.

As of July 11, US$1 was equivalent to ¥101.30.