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Happiness & D swings to loss in fiscal Q3

Happiness & D Co. Ltd. said its normalized net income for the fiscal third quarter ended May 31 amounted to a loss of ¥6.17 per share, compared with ¥20.75 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 ¥15.6 million, compared with income of ¥52.5 million in the year-earlier period.

The normalized profit margin dropped to negative 0.4% from 1.2% in the year-earlier period.

Total revenue fell 5.7% year over year to ¥4.02 billion from ¥4.27 billion, and total operating expenses fell year over year to ¥4.04 billion from ¥4.17 billion.

Reported net income came to a loss of ¥21.0 million, or a loss of ¥8.29 per share, compared to income of ¥41.0 million, or ¥16.21 per share, in the year-earlier period.

As of July 13, US$1 was equivalent to ¥123.47.