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Nintendo swings to loss in fiscal Q1

Nintendo Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of ¥69.37 per share, compared with ¥72.47 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 ¥8.21 billion, compared with income of ¥9.27 billion in the year-earlier period.

The normalized profit margin dropped to negative 11.0% from 11.4% in the year-earlier period.

Total revenue decreased 8.4% on an annual basis to ¥74.69 billion from ¥81.55 billion, and total operating expenses fell from the prior-year period to ¥84.17 billion from ¥86.47 billion.

Reported net income totaled a loss of ¥9.92 billion, or a loss of ¥83.84 per share, compared with income of ¥8.62 billion, or ¥67.44 per share, in the year-earlier period.

As of Aug. 4, US$1 was equivalent to ¥102.45.