A foreign currency loss of 712 million yen (€5.6m-$6.4m) caused Globeride, the owner of the Daiwa brand of fishing products and the distributor of Prince in Japan, to book a net loss of ¥248 million (€1.9m-$2.2m) for its fiscal first quarter ended June 30, compared with net income of ¥497 million in the same period a year ago. Revenues inched up by one percent to ¥21.8 billion (€173.1m-$197.4m). Despite a late start to the fishing season, they were steady outside of Japan, where the company suffered from a sluggish market. The gross margin grew by 1.4 percentage points to 37.0 percent.