Tiemco Ltd. said its normalized net income for the fiscal first quarter ended Feb. 29 amounted to a loss of ¥6.06 per share, compared with a loss of ¥6.43 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 ¥15.0 million, compared with a loss of ¥18.1 million in the prior-year period.

The normalized profit margin climbed to negative 2.3% from negative 2.9% in the year-earlier period.

Total revenue grew 5.1% on an annual basis to ¥663.0 million from ¥631.0 million, and total operating expenses increased on an annual basis to ¥691.0 million from ¥663.0 million.

Reported net income came to a loss of ¥21.0 million, or a loss of ¥8.48 per share, compared to a loss of ¥24.0 million, or a loss of ¥8.51 per share, in the year-earlier period.

As of April 14, US$1 was equivalent to ¥109.17.