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SMedio swings to loss in Q1

sMedio Inc. said its normalized net income for the first quarter came to a loss of ¥13.23 per share, compared with ¥34.02 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 ¥24.6 million, compared with income of ¥61.9 million in the year-earlier period.

The normalized profit margin declined to negative 8.1% from 18.3% in the year-earlier period.

Total revenue fell 10.0% year over year to ¥305.0 million from ¥339.0 million, and total operating expenses increased 12.4% on an annual basis to ¥262.0 million from ¥233.0 million.

Reported net income came to a loss of ¥34.0 million, or a loss of ¥18.26 per share, compared to income of ¥58.1 million, or ¥31.95 per share, in the year-earlier period.

As of May 13, US$1 was equivalent to ¥109.14.