Echo Trading Co. Ltd. said its normalized net income for the fiscal first quarter ended May 31 came to a loss of ¥16.88 per share, compared with a loss of ¥9.01 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 ¥101.9 million, compared with a loss of ¥54.4 million in the year-earlier period.

The normalized profit margin fell to negative 0.5% from negative 0.3% in the year-earlier period.

Total revenue decreased on an annual basis to ¥18.79 billion from ¥19.10 billion, and total operating expenses fell on an annual basis to ¥18.96 billion from ¥19.19 billion.

Reported net income totaled a loss of ¥122.0 million, or a loss of ¥20.21 per share, compared to a loss of ¥59.0 million, or a loss of ¥9.77 per share, in the year-earlier period.

As of July 14, US$1 was equivalent to ¥101.58.