Sanyo Shokai Ltd. said its normalized net income for the fourth quarter came to a loss of ¥3.68 per share, compared with ¥244.49 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥46.3 million, compared with income of ¥3.07 billion in the prior-year period.

The normalized profit margin dropped to negative 0.2% from 8.7% in the year-earlier period.

Total revenue declined 32.4% on an annual basis to ¥23.80 billion from ¥35.20 billion, and total operating expenses fell 20.8% on an annual basis to ¥24.07 billion from ¥30.39 billion.

Reported net income totaled a loss of ¥479.0 million, or a loss of ¥38.11 per share, compared to income of ¥2.66 billion, or ¥211.82 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥349.82 per share, a decline of 32.0% from ¥514.38 per share in the prior year.

Normalized net income was ¥4.40 billion, a decline of 32.0% from ¥6.47 billion in the prior year.

Full-year total revenue fell 12.2% year over year to ¥97.42 billion from ¥111.00 billion, and total operating expenses declined 9.9% on an annual basis to ¥90.84 billion from ¥100.78 billion.

The company said reported net income declined 58.9% year over year to ¥2.60 billion, or ¥206.43 per share, in the full year, from ¥6.32 billion, or ¥502.54 per share.

As of March 30, US$1 was equivalent to ¥112.45.