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SK Japan swings to profit in fiscal Q1

SK Japan Co. Ltd. said its normalized net income for the fiscal first quarter ended May 31 came to ¥1.21 per share, compared with a loss of ¥4.18 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥10.0 million, compared with a loss of ¥34.4 million in the prior-year period.

The normalized profit margin climbed to 0.5% from negative 2.2% in the year-earlier period.

Total revenue grew 19.2% year over year to ¥1.86 billion from ¥1.56 billion, and total operating expenses climbed 13.6% on an annual basis to ¥1.84 billion from ¥1.62 billion.

Reported net income totaled ¥19.6 million, or ¥2.31 per share, compared to a loss of ¥58.0 million, or a loss of ¥7.05 per share, in the year-earlier period.

As of July 15, US$1 was equivalent to ¥101.70.