Nippon Ski Resort Development Co. Ltd. said its normalized net income for the fiscal first quarter ended Oct. 31 was a loss of ¥18.41 per share, compared with ¥16.62 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥147.3 million, compared with income of ¥129.9 million in the year-earlier period.

The normalized profit margin dropped to negative 23.0% from 8.9% in the year-earlier period.

Total revenue declined 56.1% year over year to ¥640.0 million from ¥1.46 billion, and total operating expenses declined 25.9% on an annual basis to ¥905.0 million from ¥1.22 billion.

Reported net income came to a loss of ¥209.0 million, or a loss of ¥26.12 per share, compared to income of ¥155.5 million, or ¥19.89 per share, in the year-earlier period.

As of Dec. 11, US$1 was equivalent to ¥121.00.