Tokyo-based label Columbia Music Entertainment (CME) has reported a consolidated first-half net loss of ¥311 million ($2.8 million), for the April 1-Sept. 30 period. In the same period last year, the company reported a net loss of ¥314 million ($2.8 million).

First-half consolidated sales were ¥8.7 billion ($78.3 million), down 27.6% from the same period of the previous fiscal year.

In a statement issued today, CME said the result was due mainly to a reduction of ¥2.3 billion ($20.7 million) based upon a change in the accounting procedure for sales in the P&D business from a total sales method to a handling fee method. The company also noted the paring-down of releases of less-profitable works.

Top-selling acts for the label (formerly known as Nippon Columbia) in the first half included female vocalist Yo Hitoto and male singer Kiyoshi Hikawa.

For the full year ending March 2008, CME projects sales of ¥21.5 billion and a net profit of ¥400 million ($3.6 million), including earnings by Tokyo-based software developer/distributor TDK Core, which CME purchased on Nov. 1.