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Tiemco profit holds steady YOY in fiscal Q1

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Tiemco profit holds steady YOY in fiscal Q1

Tiemco Ltd. said its normalized net income for the fiscal first quarter ended Feb. 28 amounted to a loss of ¥6.43 per share, compared with a loss of ¥6.43 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 ¥18.1 million, compared with a loss of ¥18.1 million in the year-earlier period.

The normalized profit margin declined to negative 2.9% from negative 2.7% in the year-earlier period.

Total revenue fell 6.0% on an annual basis to ¥631.0 million from ¥671.0 million, and total operating expenses fell 6.0% year over year to ¥663.0 million from ¥705.0 million.

Reported net income came to a loss of ¥24.0 million, or a loss of ¥8.51 per share, compared to a loss of ¥23.0 million, or a loss of ¥8.16 per share, in the prior-year period.

As of April 14, US$1 was equivalent to ¥119.09.