Rhythm Watch Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was ¥16.93 per share, a decrease of 40.7% from ¥28.54 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥193.1 million, a decline of 41.5% from ¥330.0 million in the year-earlier period.

The normalized profit margin declined to 1.9% from 3.4% in the year-earlier period.

Total revenue climbed year over year to ¥10.13 billion from ¥9.79 billion, and total operating expenses grew 6.0% on an annual basis to ¥9.92 billion from ¥9.36 billion.

Reported net income grew 13.4% from the prior-year period to ¥321.0 million, or ¥28.15 per share, from ¥283.0 million, or ¥24.48 per share.

For the year, the company's normalized net income totaled ¥71.50 per share, a decline from ¥72.81 per share in the prior year.

Normalized net income was ¥823.8 million, a fall from ¥841.9 million in the prior year.

Full-year total revenue grew 10.2% on an annual basis to ¥37.39 billion from ¥33.92 billion, and total operating expenses increased 10.4% year over year to ¥36.49 billion from ¥33.05 billion.

The company said reported net income rose 24.7% on an annual basis to ¥1.06 billion, or ¥92.09 per share, in the full year, from ¥851.0 million, or ¥73.60 per share.

As of June 19, US$1 was equivalent to ¥122.78.