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New Art fiscal Q1 loss narrows YOY

New Art Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 55 Japanese sen per share, compared with a loss of 92 sen 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 ¥110.6 million, compared with a loss of ¥169.4 million in the prior-year period.

The normalized profit margin increased to negative 7.4% from negative 9.9% in the year-earlier period.

Total revenue decreased 13.2% year over year to ¥1.49 billion from ¥1.72 billion, and total operating expenses declined 16.1% on an annual basis to ¥1.67 billion from ¥1.98 billion.

Reported net income came to a loss of ¥43.0 million, or a loss of 22 sen per share, compared to a loss of ¥281.0 million, or a loss of ¥1.53 per share, in the prior-year period.

As of Aug. 14, US$1 was equivalent to ¥102.44.