Morpho cuts year outlook despite subsidy income, books ¥183 million of reform losses
First-half sales fell 24.8% to ¥1,152 million and the operating loss widened to ¥539 million, even after ¥39 million of subsidy income helped below the operating line. The company now expects a full-year operating loss of ¥350 million and a net loss of ¥520 million, after also booking ¥183 million of reform-related special losses.