MaxValu Tohoku Co. Ltd. said its normalized net income for the fiscal fourth quarter ended Feb. 28 was ¥5.43 per share, a decrease of 33.6% from ¥8.17 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥98.8 million, a decrease of 31.3% from ¥143.8 million in the year-earlier period.

The normalized profit margin dropped to 0.4% from 0.6% in the year-earlier period.

Total revenue increased 11.3% year over year to ¥27.68 billion from ¥24.87 billion, and total operating expenses increased 11.6% on an annual basis to ¥27.52 billion from ¥24.66 billion.

Reported net income totaled a loss of ¥598.0 million, or a loss of ¥32.86 per share, compared to a loss of ¥642.0 million, or a loss of ¥36.49 per share, in the prior-year period.

For the year, the company's normalized net income totaled ¥7.93 per share, a fall of 55.3% from ¥17.76 per share in the prior year.

Normalized net income was ¥144.4 million, a fall of 53.8% from ¥312.5 million in the prior year.

Full-year total revenue rose 12.2% year over year to ¥110.97 billion from ¥98.92 billion, and total operating expenses increased 12.4% year over year to ¥110.72 billion from ¥98.48 billion.

The company said reported net income came to a loss of ¥973.0 million, or a loss of ¥53.47 per share, in the full year, compared with a loss of ¥568.0 million, or a loss of ¥32.28 per share, the prior year.

As of May 21, US$1 was equivalent to ¥121.11.