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S. Ishimitsu & Co. swings to loss in fiscal Q1

S. Ishimitsu & Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of ¥18.15 per share, compared with ¥9.45 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 ¥139.9 million, compared with income of ¥72.9 million in the year-earlier period.

The normalized profit margin fell to negative 1.7% from 0.9% in the year-earlier period.

Total revenue grew year over year to ¥8.47 billion from ¥8.31 billion, and total operating expenses climbed 6.2% on an annual basis to ¥8.68 billion from ¥8.17 billion.

Reported net income came to a loss of ¥154.0 million, or a loss of ¥19.98 per share, compared to income of ¥39.0 million, or ¥5.06 per share, in the year-earlier period.

As of Aug. 12, US$1 was equivalent to ¥102.19.