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Morinaga & Co. fiscal Q4 profit climbs 99.7% YOY

Morinaga & Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was ¥14.18 per share, an increase of 99.7% from ¥7.10 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥738.3 million, a gain of 99.7% from ¥369.8 million in the prior-year period.

The normalized profit margin rose to 1.7% from 0.9% in the year-earlier period.

Total revenue increased 5.0% on an annual basis to ¥42.73 billion from ¥40.70 billion, and total operating expenses climbed year over year to ¥41.72 billion from ¥40.36 billion.

Reported net income rose 98.7% year over year to ¥457.0 million, or ¥8.78 per share, from ¥230.0 million, or ¥4.42 per share.

For the year, the company's normalized net income totaled ¥76.67 per share, a gain of 46.3% from ¥52.41 per share in the prior year.

Normalized net income was ¥3.99 billion, an increase of 46.3% from ¥2.73 billion in the prior year.

Full-year total revenue grew 8.1% from the prior-year period to ¥177.93 billion from ¥164.60 billion, and total operating expenses rose 7.0% on an annual basis to ¥172.04 billion from ¥160.82 billion.

The company said reported net income fell 53.0% year over year to ¥3.81 billion, or ¥73.10 per share, in the full year, from ¥8.09 billion, or ¥155.35 per share.

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