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Zett swings to loss in fiscal Q4

Zett Corp. said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of ¥5.27 per share, compared with ¥7.75 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥103.1 million, compared with income of ¥151.9 million in the year-earlier period.

The normalized profit margin declined to negative 1.0% from 1.5% in the year-earlier period.

Total revenue decreased year over year to ¥9.85 billion from ¥10.33 billion, and total operating expenses totaled ¥10.06 billion, compared with ¥10.11 billion in the year-earlier period.

Reported net income totaled a loss of ¥209.0 million, or a loss of ¥10.67 per share, compared to income of ¥468.0 million, or ¥23.89 per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of ¥9.86 per share, compared with ¥4.53 per share in the prior year.

Normalized net income was a loss of ¥193.1 million, compared with income of ¥88.8 million in the prior year.

Full-year total revenue fell on an annual basis to ¥37.88 billion from ¥39.29 billion, and total operating expenses decreased year over year to ¥38.27 billion from ¥39.20 billion.

The company said reported net income declined 41.3% on an annual basis to ¥166.0 million, or ¥8.48 per share, in the full year, from ¥283.0 million, or ¥14.45 per share.

As of June 29, US$1 was equivalent to ¥122.67.