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Carchs Holdings swings to loss in fiscal Q1

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Carchs Holdings swings to loss in fiscal Q1

Carchs Holdings Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of ¥4.39 per share, compared with ¥6.38 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 ¥103.8 million, compared with income of ¥150.6 million in the prior-year period.

The normalized profit margin declined to negative 1.5% from 1.8% in the year-earlier period.

Total revenue declined 17.3% year over year to ¥6.95 billion from ¥8.40 billion, and total operating expenses declined 12.8% year over year to ¥7.12 billion from ¥8.16 billion.

Reported net income came to a loss of ¥169.0 million, or a loss of ¥7.16 per share, compared to income of ¥210.0 million, or ¥8.90 per share, in the year-earlier period.

As of Aug. 14, US$1 was equivalent to ¥102.44.