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Kuramoto Q1 loss widens YOY

Kuramoto Co. Ltd. said its first-quarter normalized net income was a loss of ¥10.07 per share, compared with a loss of 35 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥162.5 million, compared with a loss of ¥5.6 million in the year-earlier period.

The normalized profit margin dropped to negative 23.5% from negative 0.3% in the year-earlier period.

Total revenue decreased 59.2% on an annual basis to ¥691.0 million from ¥1.69 billion, and total operating expenses decreased 43.8% on an annual basis to ¥945.0 million from ¥1.68 billion.

Reported net income came to ¥920.0 million, or ¥56.99 per share, compared to a loss of ¥29.0 million, or a loss of ¥1.80 per share, in the prior-year period.

As of May 13, US$1 was equivalent to ¥109.14.