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Daiwa fiscal Q4 profit climbs 11.1% YOY

Daiwa Co. Ltd. said its normalized net income for the fiscal fourth quarter ended Feb. 28 amounted to ¥41.06 per share, an increase of 11.2% from ¥36.94 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥230.6 million, a gain of 11.1% from ¥207.5 million in the prior-year period.

The normalized profit margin climbed to 1.7% from 1.4% in the year-earlier period.

Total revenue decreased on an annual basis to ¥13.77 billion from ¥14.43 billion, and total operating expenses declined from the prior-year period to ¥13.36 billion from ¥14.04 billion.

Reported net income came to a loss of ¥118.0 million, or a loss of ¥21.01 per share, compared to income of ¥323.0 million, or ¥57.50 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥80.11 per share, a gain of 46.7% from ¥54.61 per share in the prior year.

Normalized net income was ¥450.0 million, an increase of 46.6% from ¥306.9 million in the prior year.

Full-year total revenue fell on an annual basis to ¥49.34 billion from ¥50.47 billion, and total operating expenses declined year over year to ¥48.46 billion from ¥49.81 billion.

The company said reported net income rose on an annual basis to ¥1.07 billion, or ¥191.36 per share, in the full year, from ¥229.0 million, or ¥40.75 per share.

As of May 28, US$1 was equivalent to ¥124.24.