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Foster Electric swings to profit in fiscal Q4

Foster Electric Co.Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was ¥35.86 per share, compared with a loss of ¥3.80 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥870.4 million, compared with a loss of ¥88.6 million in the prior-year period.

The normalized profit margin climbed to 1.7% from negative 0.2% in the year-earlier period.

Total revenue grew 15.7% on an annual basis to ¥50.02 billion from ¥43.25 billion, and total operating expenses increased 12.5% from the prior-year period to ¥48.45 billion from ¥43.08 billion.

Reported net income came to ¥273.7 million, or ¥11.28 per share, compared to a loss of ¥1.76 billion, or a loss of ¥74.29 per share, in the prior-year period.

For the year, the company's normalized net income totaled ¥255.76 per share, an increase of 85.8% from ¥137.65 per share in the prior year.

Normalized net income was ¥6.03 billion, an increase of 66.0% from ¥3.63 billion in the prior year.

Full-year total revenue grew 12.8% from the prior-year period to ¥189.12 billion from ¥167.64 billion, and total operating expenses grew 11.0% on an annual basis to ¥179.38 billion from ¥161.62 billion.

The company said reported net income rose on an annual basis to ¥4.86 billion, or ¥206.16 per share, in the full year, from ¥2.29 billion, or ¥86.83 per share.

As of June 23, US$1 was equivalent to ¥123.88.