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Axel Mark fiscal Q1 loss narrows YOY

Axel Mark Inc. said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, was a loss of ¥2.57 per share, compared with a loss of ¥4.72 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 ¥11.3 million, compared with a loss of ¥20.6 million in the prior-year period.

The normalized profit margin increased to negative 1.8% from negative 2.7% in the year-earlier period.

Total revenue decreased 17.9% year over year to ¥625.0 million from ¥761.0 million, and total operating expenses fell 18.8% on an annual basis to ¥642.0 million from ¥791.0 million.

Reported net income totaled a loss of ¥33.0 million, or a loss of ¥7.55 per share, compared to a loss of ¥51.0 million, or a loss of ¥11.67 per share, in the prior-year period.

As of Feb. 10, US$1 was equivalent to ¥114.87.