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Miyakoshi Holdings swings to loss in fiscal Q2

Miyakoshi Holdings Inc. said its normalized net income for the fiscal second quarter ended Sept. 30 was a loss of ¥15.06 per share, compared with 97 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 ¥233.9 million, compared with income of ¥15.1 million in the prior-year period.

The normalized profit margin fell to negative 44.8% from 1.1% in the year-earlier period.

Total revenue fell 62.3% on an annual basis to ¥522.0 million from ¥1.38 billion, and total operating expenses decreased 68.6% on an annual basis to ¥425.0 million from ¥1.35 billion.

Reported net income increased from the prior-year period to ¥2.88 billion, or ¥185.46 per share, from ¥16.0 million, or ¥1.03 per share.

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