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T.Kawabe & Co. swings to profit in fiscal Q1

T.Kawabe & Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was ¥1.03 per share, compared with a loss of 34 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 ¥18.8 million, compared with a loss of ¥6.3 million in the year-earlier period.

The normalized profit margin climbed to 0.5% from negative 0.2% in the year-earlier period.

Total revenue declined on an annual basis to ¥3.64 billion from ¥3.80 billion, and total operating expenses decreased 5.0% year over year to ¥3.64 billion from ¥3.83 billion.

Reported net income totaled ¥3.0 million, or 16 sen per share, compared to a loss of ¥11.0 million, or a loss of 60 sen per share, in the year-earlier period.

As of Aug. 7, US$1 was equivalent to ¥124.28.