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Futaba Industrial swings to loss in fiscal Q1

Futaba Industrial Co. Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of ¥4.61 per share, compared with 60 sen 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 ¥322.3 million, compared with income of ¥42.0 million in the prior-year period.

The normalized profit margin fell to negative 0.3% from 0.0% in the year-earlier period.

Total revenue increased 5.6% on an annual basis to ¥101.33 billion from ¥95.97 billion, and total operating expenses increased from the prior-year period to ¥100.36 billion from ¥95.78 billion.

Reported net income totaled a loss of ¥563.0 million, or a loss of ¥8.05 per share, compared to a loss of ¥135.0 million, or a loss of ¥1.93 per share, in the prior-year period.

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