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Nissan Shatai swings to profit in fiscal Q1

Nissan Shatai Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥7.44 per share, compared with a loss of ¥2.75 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.10 billion, compared with a loss of ¥406.9 million in the prior-year period.

The normalized profit margin rose to 1.0% from negative 0.5% in the year-earlier period.

Total revenue climbed 29.6% on an annual basis to ¥112.98 billion from ¥87.15 billion, and total operating expenses increased 26.7% year over year to ¥111.12 billion from ¥87.68 billion.

Reported net income totaled ¥1.06 billion, or ¥7.17 per share, compared to a loss of ¥443.0 million, or a loss of ¥2.99 per share, in the prior-year period.

As of Aug. 6, US$1 was equivalent to ¥102.36.