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Axial Retailing fiscal Q4 profit falls YOY

Axial Retailing Inc. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to ¥38.58 per share, a decline of 16.9% from ¥46.45 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥900.6 million, a decline of 16.8% from ¥1.08 billion in the prior-year period.

The normalized profit margin declined to 1.7% from 2.1% in the year-earlier period.

Total revenue rose on an annual basis to ¥52.06 billion from ¥51.17 billion, and total operating expenses grew year over year to ¥50.69 billion from ¥49.62 billion.

Reported net income declined 88.6% year over year to ¥53.0 million, or ¥2.27 per share, from ¥465.0 million, or ¥19.97 per share.

For the year, the company's normalized net income totaled ¥181.50 per share, an increase from ¥176.54 per share in the prior year.

Normalized net income was ¥4.24 billion, a gain of 17.7% from ¥3.60 billion in the prior year.

Full-year total revenue grew 23.3% year over year to ¥212.61 billion from ¥172.39 billion, and total operating expenses grew 23.4% on an annual basis to ¥205.94 billion from ¥166.87 billion.

The company said reported net income increased 16.5% on an annual basis to ¥3.30 billion, or ¥141.20 per share, in the full year, from ¥2.83 billion, or ¥138.69 per share.

As of June 26, US$1 was equivalent to ¥123.96.