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Global Ltd. swings to loss in fiscal Q1

Global Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 was a loss of ¥10.47 per share, compared with ¥4.37 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 ¥137.5 million, compared with income of ¥60.6 million in the prior-year period.

The normalized profit margin dropped to negative 2.4% from 0.8% in the year-earlier period.

Total revenue declined 21.8% year over year to ¥5.81 billion from ¥7.43 billion, and total operating expenses fell 17.4% year over year to ¥5.95 billion from ¥7.21 billion.

Reported net income totaled a loss of ¥152.0 million, or a loss of ¥11.57 per share, compared to income of ¥51.5 million, or ¥3.71 per share, in the prior-year period.

As of Nov. 14, US$1 was equivalent to ¥116.46.