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Clarion Co. swings to profit in fiscal Q1

Clarion Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 was ¥2.13 per share, compared with a loss of ¥1.72 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥601.0 million, compared with a loss of ¥484.1 million in the prior-year period.

The normalized profit margin increased to 1.3% from negative 1.1% in the year-earlier period.

Total revenue grew 8.1% on an annual basis to ¥47.15 billion from ¥43.60 billion, and total operating expenses climbed from the prior-year period to ¥46.08 billion from ¥44.02 billion.

Reported net income came to ¥442.0 million, or ¥1.57 per share, compared to a loss of ¥987.0 million, or a loss of ¥3.50 per share, in the year-earlier period.

As of Aug. 7, US$1 was equivalent to ¥102.16.