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Sumitomo Forestry fiscal Q1 loss narrows YOY

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Sumitomo Forestry fiscal Q1 loss narrows YOY

Sumitomo Forestry Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of ¥14.82 per share, compared with a loss of ¥16.29 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 ¥2.62 billion, compared with a loss of ¥2.89 billion in the year-earlier period.

The normalized profit margin increased to negative 1.4% from negative 1.6% in the year-earlier period.

Total revenue rose 10.0% on an annual basis to ¥192.48 billion from ¥175.02 billion, and total operating expenses increased 9.0% year over year to ¥196.71 billion from ¥180.43 billion.

Reported net income came to a loss of ¥3.00 billion, or a loss of ¥16.95 per share, compared to a loss of ¥2.96 billion, or a loss of ¥16.69 per share, in the prior-year period.

As of Aug. 8, US$1 was equivalent to ¥101.85.