coly Inc., a Tokyo-based company, has reported its financial results for the first quarter of the 11th fiscal year, ending April 30, 2024. Despite a slight increase in sales, the company experienced a notable decline in its financial health, with widening losses compared to the same period last year.
Sales for the quarter rose to ¥901.1 million, up from ¥863.5 million in the previous year. However, this growth was overshadowed by an increase in the company’s ordinary loss, which expanded to ¥504.1 million from ¥400.0 million in Q1 2023. The quarterly net loss also grew significantly, reaching ¥524.7 million, compared to ¥400.7 million in the same period last year.
coly’s net assets declined to ¥5.3 billion from ¥6.2 billion, and total assets dropped to ¥6.0 billion from ¥6.9 billion. The company’s equity ratio slightly decreased to 88.1% from 89.7%.
The company has faced challenges in turning around its financial performance, with net loss per share widening to ¥95.36 from ¥72.83. Despite the setbacks, coly Inc. continues to focus on its core business operations, which remained unchanged during the quarter.
