Freund Corporation announced consolidated earnings results for the first quarter ended May 31, 2019. For the quarter, the company reported net sales of JPY 2,878 million compared to JPY 4,849 million a year ago. Operating loss was JPY 214 million compared to income of JPY 399 million a year ago. Loss attributable to owners of parent was JPY 158 million compared to profit of JPY 347 million a year ago. Net loss per share was JPY 9.44 compared to income of JPY 20.37 per share a year ago. Ordinary loss was JPY 217 million against profit of JPY 478 million a year ago.

The company provided consolidated earnings guidance for the fiscal year ending February 29, 2020. For the year, the company expects net sales of JPY 17,500 million, operating profit of JPY 1,000 million, ordinary profit of JPY 1,000 million, and profit attributable to owners of parent of JPY 700 million or JPY 41.80 per share.

The company reported impairment loss of JPY 95,000 for the first quarter Ended May 31, 2019.