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Onkyo fiscal Q1 loss narrows YOY

Onkyo Corp. said its normalized net income for the fiscal first quarter ended June 30 was a loss of ¥7.96 per share, compared with a loss of ¥10.76 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 ¥493.1 million, compared with a loss of ¥661.9 million in the prior-year period.

The normalized profit margin climbed to negative 6.9% from negative 9.1% in the year-earlier period.

Total revenue decreased on an annual basis to ¥7.14 billion from ¥7.28 billion, and total operating expenses fell year over year to ¥7.90 billion from ¥8.11 billion.

Reported net income totaled a loss of ¥18.0 million, or a loss of 29 sen per share, compared to a loss of ¥1.10 billion, or a loss of ¥17.84 per share, in the year-earlier period.

As of Aug. 8, US$1 was equivalent to ¥101.85.