Yellow Hat Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was ¥50.24 per share, a decline of 29.5% from ¥71.29 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥1.16 billion, a decrease of 28.0% from ¥1.62 billion in the prior-year period.

The normalized profit margin dropped to 4.7% from 5.8% in the year-earlier period.

Total revenue decreased 9.9% on an annual basis to ¥25.00 billion from ¥27.76 billion, and total operating expenses fell 8.1% from the prior-year period to ¥23.40 billion from ¥25.46 billion.

Reported net income declined 51.5% on an annual basis to ¥1.03 billion, or ¥44.38 per share, from ¥2.12 billion, or ¥93.43 per share.

For the year, the company's normalized net income totaled ¥228.88 per share, a decline of 16.3% from ¥273.33 per share in the prior year.

Normalized net income was ¥5.29 billion, a fall of 14.6% from ¥6.20 billion in the prior year.

Full-year total revenue totaled ¥121.79 billion, compared with ¥120.67 billion in the prior year, and total operating expenses rose on an annual basis to ¥114.19 billion from ¥111.71 billion.

The company said reported net income declined 24.0% on an annual basis to ¥5.54 billion, or ¥239.71 per share, in the full year, from ¥7.30 billion, or ¥321.68 per share.

As of June 24, US$1 was equivalent to ¥124.31.