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Tay Two swings to loss in fiscal Q1

Tay Two Co. Ltd. said its normalized net income for the fiscal first quarter ended May 31 amounted to a loss of ¥1.20 per share, compared with ¥1.22 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 ¥60.6 million, compared with income of ¥63.1 million in the year-earlier period.

The normalized profit margin fell to negative 0.9% from 0.8% in the year-earlier period.

Total revenue declined 8.0% year over year to ¥6.96 billion from ¥7.56 billion, and total operating expenses fell 5.3% year over year to ¥7.07 billion from ¥7.46 billion.

Reported net income came to a loss of ¥77.0 million, or a loss of ¥1.52 per share, compared to income of ¥40.0 million, or 76 sen per share, in the prior-year period.

As of July 15, US$1 was equivalent to ¥101.70.