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Watt Mann swings to profit in fiscal Q1

Watt Mann Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to ¥1.26 per share, compared with a loss of 40 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 ¥13.8 million, compared with a loss of ¥4.4 million in the prior-year period.

The normalized profit margin increased to 1.8% from negative 0.7% in the year-earlier period.

Total revenue increased 12.7% on an annual basis to ¥753.0 million from ¥668.0 million, and total operating expenses grew 8.0% from the prior-year period to ¥732.0 million from ¥678.0 million.

Reported net income came to ¥13.0 million, or ¥1.19 per share, compared to a loss of ¥8.0 million, or a loss of 73 sen per share, in the prior-year period.

As of Aug. 14, US$1 was equivalent to ¥124.29.