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Sagami Chain swings to loss in fiscal Q1

Sagami Chain Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of ¥1.64 per share, compared with ¥2.08 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 ¥40.9 million, compared with income of ¥51.9 million in the year-earlier period.

The normalized profit margin dropped to negative 0.7% from 1.1% in the year-earlier period.

Total revenue climbed 28.5% on an annual basis to ¥6.01 billion from ¥4.68 billion, and total operating expenses increased 31.7% from the prior-year period to ¥6.08 billion from ¥4.62 billion.

Reported net income totaled a loss of ¥128.0 million, or a loss of ¥5.13 per share, compared to income of ¥26.0 million, or ¥1.04 per share, in the prior-year period.

As of Aug. 14, US$1 was equivalent to ¥102.44.