Buffalo Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of ¥10.31 per share, compared with a loss of ¥20.92 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 ¥21.3 million, compared with a loss of ¥43.1 million in the prior-year period.

The normalized profit margin climbed to negative 1.1% from negative 2.5% in the year-earlier period.

Total revenue grew 12.1% on an annual basis to ¥1.95 billion from ¥1.74 billion, and total operating expenses grew 9.5% on an annual basis to ¥2.00 billion from ¥1.83 billion.

Reported net income totaled a loss of ¥25.0 million, or a loss of ¥12.13 per share, compared to a loss of ¥42.0 million, or a loss of ¥20.37 per share, in the year-earlier period.

As of Aug. 12, US$1 was equivalent to ¥123.89.