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Akebono Brake Industry fiscal Q4 loss widens YOY

Akebono Brake Industry Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of ¥15.66 per share, compared with a loss of ¥1.89 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 ¥2.08 billion, compared with a loss of ¥251.0 million in the prior-year period.

The normalized profit margin declined to negative 3.0% from negative 0.4% in the year-earlier period.

Total revenue grew on an annual basis to ¥69.88 billion from ¥68.43 billion, and total operating expenses grew 6.3% from the prior-year period to ¥71.79 billion from ¥67.53 billion.

Reported net income came to a loss of ¥13.17 billion, or a loss of ¥98.98 per share, compared to a loss of ¥5.59 billion, or a loss of ¥42.07 per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of ¥40.39 per share, compared with ¥4.16 per share in the prior year.

Normalized net income was a loss of ¥5.37 billion, compared with income of ¥553.0 million in the prior year.

Full-year total revenue increased 10.7% year over year to ¥281.34 billion from ¥254.16 billion, and total operating expenses increased 14.0% on an annual basis to ¥285.54 billion from ¥250.44 billion.

The company said reported net income totaled a loss of ¥19.46 billion, or a loss of ¥146.30 per share, in the full year, compared with a loss of ¥6.09 billion, or a loss of ¥45.83 per share, the prior year.

As of June 20, US$1 was equivalent to ¥104.41.