Showa Sangyo Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to ¥24.60 per share, an increase of 37.2% from ¥17.93 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥786.0 million, an increase of 37.1% from ¥573.1 million in the prior-year period.

The normalized profit margin climbed to 1.3% from 1.0% in the year-earlier period.

Total revenue came to ¥59.23 billion, compared with ¥58.66 billion in the prior-year period, and total operating expenses came to ¥58.14 billion, compared with ¥57.95 billion in the prior-year period.

Reported net income declined 18.8% year over year to ¥483.0 million, or ¥15.11 per share, from ¥595.0 million, or ¥18.62 per share.

For the year, the company's normalized net income totaled ¥171.26 per share, an increase of 11.4% from ¥153.72 per share in the prior year.

Normalized net income was ¥5.47 billion, a gain of 11.4% from ¥4.91 billion in the prior year.

Full-year total revenue grew year over year to ¥247.82 billion from ¥245.11 billion, and total operating expenses totaled ¥239.87 billion, compared with ¥237.97 billion in the year-earlier period.

The company said reported net income increased 12.4% year over year to ¥5.94 billion, or ¥185.91 per share, in the full year, from ¥5.29 billion, or ¥165.41 per share.

As of June 29, US$1 was equivalent to ¥102.64.