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T.Kawabe & Co. swings to loss in fiscal Q1

T.Kawabe & Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 34 Japanese sen per share, compared with ¥2.80 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 ¥6.3 million, compared with income of ¥51.3 million in the prior-year period.

The normalized profit margin dropped to negative 0.2% from 1.3% in the year-earlier period.

Total revenue decreased on an annual basis to ¥3.80 billion from ¥3.88 billion, and total operating expenses came to ¥3.83 billion, compared with ¥3.81 billion in the prior-year period.

Reported net income came to a loss of ¥11.0 million, or a loss of 60 sen per share, compared to income of ¥42.0 million, or ¥2.30 per share, in the year-earlier period.

As of Aug. 8, US$1 was equivalent to ¥101.85.