VT Holdings Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to ¥16.94 per share, a decline of 19.6% from ¥21.07 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.99 billion, a decline of 20.4% from ¥2.50 billion in the year-earlier period.

The normalized profit margin declined to 4.6% from 6.0% in the year-earlier period.

Total revenue increased on an annual basis to ¥43.01 billion from ¥41.75 billion, and total operating expenses climbed 5.1% year over year to ¥39.59 billion from ¥37.67 billion.

Reported net income rose on an annual basis to ¥2.00 billion, or ¥17.00 per share, from ¥1.92 billion, or ¥16.19 per share.

For the year, the company's normalized net income totaled ¥37.28 per share, a fall of 31.5% from ¥54.41 per share in the prior year.

Normalized net income was ¥4.39 billion, a fall of 28.3% from ¥6.12 billion in the prior year.

Full-year total revenue grew on an annual basis to ¥136.38 billion from ¥132.68 billion, and total operating expenses increased 5.2% year over year to ¥129.03 billion from ¥122.59 billion.

The company said reported net income fell 9.6% year over year to ¥4.63 billion, or ¥39.38 per share, in the full year, from ¥5.13 billion, or ¥45.61 per share.

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