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Autobacs Seven fiscal Q4 profit falls YOY

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Autobacs Seven fiscal Q4 profit falls YOY

Autobacs Seven Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to ¥2.17 per share, a decrease of 90.1% from ¥21.79 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥187.4 million, a decline of 90.4% from ¥1.95 billion in the year-earlier period.

The normalized profit margin declined to 0.5% from 3.7% in the year-earlier period.

Total revenue declined 22.3% year over year to ¥41.51 billion from ¥53.40 billion, and total operating expenses decreased 18.6% year over year to ¥41.84 billion from ¥51.42 billion.

Reported net income totaled a loss of ¥117.0 million, or a loss of ¥1.35 per share, compared to income of ¥1.80 billion, or ¥20.05 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥60.11 per share, a decline of 47.1% from ¥113.64 per share in the prior year.

Normalized net income was ¥5.24 billion, a fall of 49.2% from ¥10.33 billion in the prior year.

Full-year total revenue decreased 9.6% on an annual basis to ¥209.45 billion from ¥231.70 billion, and total operating expenses fell 6.8% on an annual basis to ¥203.05 billion from ¥217.75 billion.

The company said reported net income fell 52.9% on an annual basis to ¥4.61 billion, or ¥52.82 per share, in the full year, from ¥9.79 billion, or ¥107.70 per share.

As of June 25, US$1 was equivalent to ¥123.71.