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Foster Electric fiscal Q4 profit falls YOY

Foster Electric Co.Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to ¥8.73 per share, a decline of 75.7% from ¥35.86 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥233.6 million, a decline of 73.2% from ¥870.4 million in the year-earlier period.

The normalized profit margin fell to 0.6% from 1.7% in the year-earlier period.

Total revenue fell 17.3% year over year to ¥41.35 billion from ¥50.02 billion, and total operating expenses decreased 15.6% on an annual basis to ¥40.87 billion from ¥48.45 billion.

Reported net income came to a loss of ¥697.0 million, or a loss of ¥26.05 per share, compared to income of ¥273.7 million, or ¥11.28 per share, in the prior-year period.

For the year, the company's normalized net income totaled ¥233.04 per share, a decrease of 8.9% from ¥255.76 per share in the prior year.

Normalized net income was ¥6.23 billion, a gain from ¥6.03 billion in the prior year.

Full-year total revenue amounted to ¥190.93 billion, compared with ¥189.12 billion in the prior year, and total operating expenses totaled ¥180.58 billion, compared with ¥179.38 billion in the prior-year period.

The company said reported net income rose 40.7% on an annual basis to ¥6.83 billion, or ¥255.40 per share, in the full year, from ¥4.86 billion, or ¥206.16 per share.

As of June 23, US$1 was equivalent to ¥105.69.