Mitsuba Corp. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to ¥51.36 per share, an increase from ¥25.02 per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥2.30 billion, a gain from ¥1.12 billion in the year-earlier period.
The normalized profit margin climbed to 2.8% from 1.6% in the year-earlier period.
Total revenue climbed 16.6% on an annual basis to ¥82.36 billion from ¥70.61 billion, and total operating expenses increased 11.4% from the prior-year period to ¥75.88 billion from ¥68.10 billion.
Reported net income fell 77.9% on an annual basis to ¥881.0 million, or ¥19.68 per share, from ¥3.99 billion, or ¥89.21 per share.
For the year, the company's normalized net income totaled ¥301.00 per share, a gain of 24.6% from ¥241.62 per share in the prior year.
Normalized net income was ¥13.47 billion, a rise of 24.6% from ¥10.82 billion in the prior year.
Full-year total revenue increased 12.3% on an annual basis to ¥306.03 billion from ¥272.54 billion, and total operating expenses increased 11.1% on an annual basis to ¥283.93 billion from ¥255.49 billion.
The company said reported net income grew 62.7% year over year to ¥11.43 billion, or ¥255.46 per share, in the full year, from ¥7.03 billion, or ¥156.99 per share.
As of June 19, US$1 was equivalent to ¥122.78.