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Watt Mann swings to loss in fiscal Q1

Watt Mann Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 40 Japanese sen per share, compared with ¥1.31 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 ¥4.4 million, compared with income of ¥14.4 million in the year-earlier period.

The normalized profit margin dropped to negative 0.7% from 2.1% in the year-earlier period.

Total revenue fell year over year to ¥668.0 million from ¥683.0 million, and total operating expenses grew on an annual basis to ¥678.0 million from ¥662.0 million.

Reported net income came to a loss of ¥8.0 million, or a loss of 73 sen per share, compared to a loss of ¥445.0 million, or a loss of ¥40.68 per share, in the year-earlier period.

As of Aug. 11, US$1 was equivalent to ¥102.12.