Kitamura Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of ¥41.01 per share, compared with a loss of ¥27.88 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 ¥733.9 million, compared with a loss of ¥471.0 million in the year-earlier period.

The normalized profit margin dropped to negative 2.4% from negative 1.4% in the year-earlier period.

Total revenue fell 6.9% year over year to ¥30.78 billion from ¥33.06 billion, and total operating expenses declined 5.5% from the prior-year period to ¥31.98 billion from ¥33.84 billion.

Reported net income totaled a loss of ¥1.43 billion, or a loss of ¥79.80 per share, compared to a loss of ¥1.05 billion, or a loss of ¥61.97 per share, in the year-earlier period.

As of Aug. 14, US$1 was equivalent to ¥102.44.