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Kozosushi Co. swings to profit in Q1

Kozosushi Co. LTD. said its normalized net income for the first quarter was 57 Japanese sen per share, compared with a loss of 65 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 ¥16.9 million, compared with a loss of ¥19.4 million in the prior-year period.

The normalized profit margin rose to 1.4% from negative 1.1% in the year-earlier period.

Total revenue decreased 31.3% on an annual basis to ¥1.25 billion from ¥1.81 billion, and total operating expenses declined 33.8% year over year to ¥1.21 billion from ¥1.83 billion.

Reported net income totaled ¥11.0 million, or 37 sen per share, compared to a loss of ¥70.0 million, or a loss of ¥2.35 per share, in the year-earlier period.

As of May 13, US$1 was equivalent to ¥109.14.