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Marumitsu swings to loss in fiscal Q1

Marumitsu Co. Ltd. said its normalized net income for the fiscal first quarter ended June 20 came to a loss of ¥1.61 per share, compared with ¥1.96 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 ¥31.9 million, compared with income of ¥34.4 million in the prior-year period.

The normalized profit margin declined to negative 0.9% from 0.9% in the year-earlier period.

Total revenue fell 15.5% on an annual basis to ¥3.37 billion from ¥3.98 billion, and total operating expenses declined 13.1% from the prior-year period to ¥3.38 billion from ¥3.90 billion.

Reported net income came to a loss of ¥52.0 million, or a loss of ¥2.63 per share, compared to income of ¥54.5 million, or ¥3.11 per share, in the year-earlier period.

As of Aug. 4, US$1 was equivalent to ¥123.92.