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AUTOWAVE swings to loss in fiscal Q1

AUTOWAVE Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of ¥3.46 per share, compared with 78 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 a loss of ¥50.0 million, compared with income of ¥11.3 million in the year-earlier period.

The normalized profit margin dropped to negative 2.4% from 0.5% in the year-earlier period.

Total revenue decreased 9.4% on an annual basis to ¥2.10 billion from ¥2.32 billion, and total operating expenses decreased 5.8% from the prior-year period to ¥2.19 billion from ¥2.32 billion.

Reported net income came to a loss of ¥44.0 million, or a loss of ¥3.04 per share, compared to income of ¥15.0 million, or ¥1.04 per share, in the year-earlier period.

As of Aug. 14, US$1 was equivalent to ¥102.44.