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Showa swings to loss in fiscal Q4

Showa Corp. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of ¥107.29 per share, compared with ¥33.75 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 ¥8.15 billion, compared with income of ¥2.56 billion in the year-earlier period.

The normalized profit margin fell to negative 12.6% from 3.9% in the year-earlier period.

Total revenue decreased on an annual basis to ¥64.84 billion from ¥66.19 billion, and total operating expenses grew 24.4% on an annual basis to ¥76.53 billion from ¥61.50 billion.

Reported net income came to a loss of ¥10.16 billion, or a loss of ¥133.70 per share, compared to income of ¥3.82 billion, or ¥50.23 per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of ¥6.74 per share, compared with ¥119.32 per share in the prior year.

Normalized net income was a loss of ¥512.1 million, compared with income of ¥9.06 billion in the prior year.

Full-year total revenue fell from the prior-year period to ¥258.25 billion from ¥266.41 billion, and total operating expenses rose on an annual basis to ¥254.99 billion from ¥249.52 billion.

The company said reported net income totaled a loss of ¥2.35 billion, or a loss of ¥30.91 per share, in the full year, compared with income of ¥11.57 billion, or ¥152.30 per share, the prior year.

As of June 24, US$1 was equivalent to ¥102.09.