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Makoto Construction fiscal Q4 profit falls YOY

Makoto Construction Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to ¥11.49 per share, a decline of 58.4% from ¥27.65 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥23.1 million, a decline of 58.4% from ¥55.6 million in the year-earlier period.

The normalized profit margin declined to 2.3% from 5.7% in the year-earlier period.

Total revenue climbed on an annual basis to ¥1.01 billion from ¥979.0 million, and total operating expenses rose 8.8% from the prior-year period to ¥978.0 million from ¥899.0 million.

Reported net income fell 62.0% from the prior-year period to ¥19.0 million, or ¥9.44 per share, from ¥50.0 million, or ¥24.85 per share.

For the year, the company's normalized net income totaled ¥24.54 per share, a fall of 83.7% from ¥150.35 per share in the prior year.

Normalized net income was ¥49.4 million, a decrease of 83.7% from ¥302.5 million in the prior year.

Full-year total revenue decreased 36.8% on an annual basis to ¥2.91 billion from ¥4.60 billion, and total operating expenses fell 30.8% on an annual basis to ¥2.85 billion from ¥4.12 billion.

The company said reported net income fell 84.7% year over year to ¥44.0 million, or ¥21.87 per share, in the full year, from ¥288.0 million, or ¥143.14 per share.

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