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Akikawa Foods & Farms fiscal Q1 loss narrows YOY

Akikawa Foods & Farms Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of ¥1.65 per share, compared with a loss of ¥2.55 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥6.9 million, compared with a loss of ¥10.6 million in the year-earlier period.

The normalized profit margin increased to negative 0.6% from negative 1.0% in the year-earlier period.

Total revenue rose 9.4% year over year to ¥1.22 billion from ¥1.11 billion, and total operating expenses rose 8.9% on an annual basis to ¥1.23 billion from ¥1.13 billion.

Reported net income came to a loss of ¥17.0 million, or a loss of ¥4.08 per share, compared to a loss of ¥22.0 million, or a loss of ¥5.27 per share, in the prior-year period.

As of Aug. 13, US$1 was equivalent to ¥124.46.