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Nitto Seimo swings to loss in fiscal Q3

Nitto Seimo Co. Ltd. said its normalized net income for the fiscal third quarter ended Jan. 31 was a loss of ¥26.31 per share, compared with ¥8.85 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 ¥68.3 million, compared with income of ¥23.0 million in the year-earlier period.

The normalized profit margin fell to negative 2.4% from 0.7% in the year-earlier period.

Total revenue declined 16.1% year over year to ¥2.85 billion from ¥3.40 billion, and total operating expenses declined 13.6% on an annual basis to ¥2.92 billion from ¥3.38 billion.

Reported net income came to a loss of ¥93.0 million, or a loss of ¥35.85 per share, compared to a loss of ¥7.0 million, or a loss of ¥2.69 per share, in the year-earlier period.

As of March 9, US$1 was equivalent to ¥112.90.