Makoto Construction Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of ¥4.66 per share, compared with ¥27.96 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥9.4 million, compared with income of ¥56.3 million in the year-earlier period.

The normalized profit margin fell to negative 2.3% from 5.3% in the year-earlier period.

Total revenue decreased 62.4% year over year to ¥400.0 million from ¥1.06 billion, and total operating expenses declined 56.4% year over year to ¥423.0 million from ¥971.0 million.

Reported net income totaled a loss of ¥9.0 million, or a loss of ¥4.47 per share, compared to income of ¥54.0 million, or ¥26.84 per share, in the year-earlier period.

As of Aug. 8, US$1 was equivalent to ¥101.85.