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GMO Tech swings to loss in Q1

GMO TECH Inc. said its normalized net income for the first quarter was a loss of ¥2.85 per share, compared with ¥82.00 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 ¥3.1 million, compared with income of ¥90.6 million in the prior-year period.

The normalized profit margin dropped to negative 0.4% from 8.4% in the year-earlier period.

Total revenue decreased 21.1% year over year to ¥855.0 million from ¥1.08 billion, and total operating expenses decreased 8.3% from the prior-year period to ¥859.0 million from ¥937.0 million.

Reported net income totaled a loss of ¥10.0 million, or a loss of ¥9.12 per share, compared to income of ¥88.0 million, or ¥79.62 per share, in the prior-year period.

As of May 10, US$1 was equivalent to ¥109.05.