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Encho swings to loss in fiscal Q1

Encho Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of 41 Japanese sen per share, compared with ¥5.71 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 ¥5.6 million, compared with income of ¥78.1 million in the prior-year period.

The normalized profit margin fell to negative 0.1% from 0.6% in the year-earlier period.

Total revenue fell 9.3% year over year to ¥10.94 billion from ¥12.07 billion, and total operating expenses decreased 8.1% year over year to ¥10.92 billion from ¥11.88 billion.

Reported net income totaled a loss of ¥11.0 million, or a loss of 80 sen per share, compared to income of ¥77.0 million, or ¥5.63 per share, in the prior-year period.

As of Aug. 12, US$1 was equivalent to ¥102.19.