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Wealth Management fiscal Q1 loss widens YOY

Wealth Management Inc. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of ¥10.73 per share, compared with a loss of ¥9.17 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 ¥44.4 million, compared with a loss of ¥15.6 million in the prior-year period.

The normalized profit margin fell to negative 18.5% from negative 13.7% in the year-earlier period.

Total revenue grew on an annual basis to ¥240.0 million from ¥114.0 million, and total operating expenses rose year over year to ¥305.0 million from ¥138.0 million.

Reported net income came to a loss of ¥71.0 million, or a loss of ¥17.17 per share, compared to a loss of ¥25.0 million, or a loss of ¥14.67 per share, in the year-earlier period.

As of Aug. 13, US$1 was equivalent to ¥102.37.