Nitto Kohki Q1 profit plunges on factory relocation costs

Nitto Kohki Co posted a loss of 281 million yen for the three months ended June 30, compared to a 517 million yen profit a year earlier.

The swing to loss was driven by 445 million yen in extraordinary expenses related to factory relocation costs. Operating profit fell 37.7% to 452 million yen, while net sales declined 1.6% to 6.586 billion yen.