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Meiko Network Japan swings to loss in fiscal Q3

Meiko Network Japan Co. Ltd. said its normalized net income for the fiscal third quarter ended May 31 amounted to a loss of ¥13.66 per share, compared with 64 sen 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 ¥362.8 million, compared with income of ¥17.8 million in the year-earlier period.

The normalized profit margin fell to negative 9.9% from 0.5% in the year-earlier period.

Total revenue declined on an annual basis to ¥3.65 billion from ¥3.73 billion, and total operating expenses increased 14.0% on an annual basis to ¥4.24 billion from ¥3.72 billion.

Reported net income came to a loss of ¥392.0 million, or a loss of ¥14.76 per share, compared to a loss of ¥18.0 million, or a loss of 65 sen per share, in the prior-year period.

As of July 12, US$1 was equivalent to ¥104.51.