Meiwa Estate Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of ¥1.48 per share, compared with ¥3.31 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥36.9 million, compared with income of ¥82.5 million in the year-earlier period.

The normalized profit margin fell to negative 0.5% from 0.9% in the year-earlier period.

Total revenue declined 23.2% year over year to ¥7.11 billion from ¥9.26 billion, and total operating expenses declined 20.2% on an annual basis to ¥7.09 billion from ¥8.88 billion.

Reported net income totaled a loss of ¥17.0 million, or a loss of 68 sen per share, compared to income of ¥955.0 million, or ¥38.36 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥68.34 per share, a gain of 30.9% from ¥52.20 per share in the prior year.

Normalized net income was ¥1.70 billion, a gain of 30.9% from ¥1.30 billion in the prior year.

Full-year total revenue increased 22.2% year over year to ¥42.25 billion from ¥34.57 billion, and total operating expenses grew 24.1% on an annual basis to ¥38.96 billion from ¥31.40 billion.

The company said reported net income decreased 11.8% year over year to ¥2.19 billion, or ¥88.09 per share, in the full year, from ¥2.49 billion, or ¥99.86 per share.

As of June 26, US$1 was equivalent to ¥123.96.