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Funai Electric swings to loss in fiscal Q1

Funai Electric Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of ¥47.41 per share, compared with ¥1.69 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 ¥1.62 billion, compared with income of ¥57.6 million in the prior-year period.

The normalized profit margin dropped to negative 3.8% from 0.1% in the year-earlier period.

Total revenue decreased 14.7% on an annual basis to ¥43.11 billion from ¥50.52 billion, and total operating expenses fell 13.3% on an annual basis to ¥45.29 billion from ¥52.23 billion.

Reported net income came to a loss of ¥2.45 billion, or a loss of ¥71.87 per share, compared to a loss of ¥18.0 million, or a loss of 53 sen per share, in the prior-year period.

As of Aug. 7, US$1 was equivalent to ¥102.16.