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Kitanihon Spinning swings to profit in fiscal Q1

Kitanihon Spinning Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥1.52 per share, compared with a loss of ¥3.04 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.9 million, compared with a loss of ¥3.8 million in the prior-year period.

The normalized profit margin increased to 1.6% from negative 3.8% in the year-earlier period.

Total revenue climbed 16.3% year over year to ¥114.0 million from ¥98.0 million, and total operating expenses grew 7.5% from the prior-year period to ¥114.0 million from ¥106.0 million.

Reported net income fell 66.7% on an annual basis to ¥3.0 million, or ¥2.43 per share, from ¥9.0 million, or ¥7.29 per share.

As of Aug. 12, US$1 was equivalent to ¥102.19.