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NAFCO swings to profit in fiscal Q4

NAFCO Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was ¥7.07 per share, compared with a loss of ¥3.34 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥210.6 million, compared with a loss of ¥99.4 million in the prior-year period.

The normalized profit margin climbed to 0.4% from negative 0.2% in the year-earlier period.

Total revenue rose 5.5% year over year to ¥50.40 billion from ¥47.76 billion, and total operating expenses rose on an annual basis to ¥50.30 billion from ¥48.03 billion.

Reported net income totaled ¥74.0 million, or ¥2.48 per share, compared to a loss of ¥350.0 million, or a loss of ¥11.75 per share, in the prior-year period.

For the year, the company's normalized net income totaled ¥195.30 per share, an increase of 21.3% from ¥160.99 per share in the prior year.

Normalized net income was ¥5.82 billion, a gain of 21.3% from ¥4.79 billion in the prior year.

Full-year total revenue grew from the prior-year period to ¥229.91 billion from ¥222.25 billion, and total operating expenses rose on an annual basis to ¥221.20 billion from ¥214.95 billion.

The company said reported net income rose 29.5% on an annual basis to ¥5.20 billion, or ¥174.69 per share, in the full year, from ¥4.02 billion, or ¥134.94 per share.

As of June 29, US$1 was equivalent to ¥102.64.