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Honeys Holdings swings to loss in fiscal Q1

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Honeys Holdings swings to loss in fiscal Q1

Honeys Holdings Co. Ltd. said its normalized net income for the fiscal first quarter ended Aug. 31 was a loss of ¥1.84 per share, compared with ¥20.88 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 ¥51.3 million, compared with income of ¥582.5 million in the year-earlier period.

The normalized profit margin declined to negative 0.4% from 3.8% in the year-earlier period.

Total revenue decreased 8.9% year over year to ¥13.84 billion from ¥15.19 billion, and total operating expenses fell year over year to ¥14.03 billion from ¥14.40 billion.

Reported net income totaled a loss of ¥48.0 million, or a loss of ¥1.72 per share, compared to income of ¥366.0 million, or ¥13.12 per share, in the prior-year period.

As of Oct. 14, US$1 was equivalent to ¥107.05.