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Tea Life swings to profit in fiscal Q1

Tea Life Co. Ltd. said its normalized net income for the fiscal first quarter ended Oct. 31 came to ¥9.56 per share, compared with a loss of 15 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥40.6 million, compared with a loss of ¥625,000 in the year-earlier period.

The normalized profit margin rose to 2.4% from negative 0.0% in the year-earlier period.

Total revenue increased 8.6% on an annual basis to ¥1.67 billion from ¥1.54 billion, and total operating expenses rose on an annual basis to ¥1.61 billion from ¥1.54 billion.

Reported net income grew from the prior-year period to ¥49.0 million, or ¥11.53 per share, from ¥3.0 million, or 71 sen per share.

As of Dec. 11, US$1 was equivalent to ¥121.00.