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Iwatsuka Confectionery swings to profit in fiscal Q4

Iwatsuka Confectionery Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to ¥4.14 per share, compared with a loss of 98 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥23.8 million, compared with a loss of ¥5.6 million in the prior-year period.

The normalized profit margin increased to 0.4% from negative 0.1% in the year-earlier period.

Total revenue came to ¥5.28 billion, compared with ¥5.25 billion in the year-earlier period, and total operating expenses came to ¥5.31 billion, compared with ¥5.26 billion in the year-earlier period.

Reported net income came to a loss of ¥108.0 million, or a loss of ¥18.82 per share, compared to a loss of ¥114.0 million, or a loss of ¥19.84 per share, in the prior-year period.

For the year, the company's normalized net income totaled ¥315.44 per share, an increase of 18.9% from ¥265.28 per share in the prior year.

Normalized net income was ¥1.81 billion, a rise of 18.9% from ¥1.52 billion in the prior year.

Full-year total revenue grew on an annual basis to ¥22.01 billion from ¥21.04 billion, and total operating expenses rose year over year to ¥21.55 billion from ¥20.61 billion.

The company said reported net income grew 21.2% year over year to ¥1.70 billion, or ¥295.44 per share, in the full year, from ¥1.40 billion, or ¥243.64 per share.

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