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Nippon Shikizai swings to profit in fiscal Q1

Nippon Shikizai Inc. said its normalized net income for the fiscal first quarter ended May 31 amounted to ¥7.97 per share, compared with a loss of ¥28.98 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥6.9 million, compared with a loss of ¥25.0 million in the year-earlier period.

The normalized profit margin climbed to 0.4% from negative 1.3% in the year-earlier period.

Total revenue fell on an annual basis to ¥1.84 billion from ¥1.88 billion, and total operating expenses decreased year over year to ¥1.81 billion from ¥1.90 billion.

Reported net income totaled a loss of ¥5.0 million, or a loss of ¥5.80 per share, compared to a loss of ¥41.0 million, or a loss of ¥47.53 per share, in the year-earlier period.

As of July 10, US$1 was equivalent to ¥122.69.