First Baking Co. Ltd. said its normalized net income for the fourth quarter came to ¥15.20 per share, an increase from ¥4.37 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥105.3 million, an increase from ¥30.3 million in the year-earlier period.

The normalized profit margin increased to 1.6% from 0.5% in the year-earlier period.

Total revenue rose year over year to ¥6.64 billion from ¥6.36 billion, and total operating expenses climbed year over year to ¥6.48 billion from ¥6.32 billion.

Reported net income increased year over year to ¥106.0 million, or ¥15.31 per share, from ¥22.0 million, or ¥3.18 per share.

For the year, the company's normalized net income totaled ¥19.24 per share, a fall of 38.5% from ¥31.30 per share in the prior year.

Normalized net income was ¥133.3 million, a fall of 38.5% from ¥216.8 million in the prior year.

Full-year total revenue amounted to ¥25.07 billion, compared with ¥24.95 billion in the prior year, and total operating expenses increased year over year to ¥24.91 billion from ¥24.65 billion.

The company said reported net income declined 50.5% on an annual basis to ¥150.0 million, or ¥21.66 per share, in the full year, from ¥303.0 million, or ¥43.76 per share.

As of March 30, US$1 was equivalent to ¥112.45.