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Morishita Jintan swings to loss in fiscal Q1

Morishita Jintan Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of ¥46.24 per share, compared with ¥20.74 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 ¥188.1 million, compared with income of ¥84.4 million in the year-earlier period.

The normalized profit margin declined to negative 8.6% from 3.3% in the year-earlier period.

Total revenue fell 13.2% on an annual basis to ¥2.19 billion from ¥2.52 billion, and total operating expenses grew on an annual basis to ¥2.49 billion from ¥2.40 billion.

Reported net income came to a loss of ¥303.0 million, or a loss of ¥74.47 per share, compared to income of ¥114.0 million, or ¥28.02 per share, in the prior-year period.

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