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Yokohama Maruuo swings to loss in fiscal Q4

Yokohama Maruuo Co. Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of ¥10.42 per share, compared with ¥1.33 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥73.8 million, compared with income of ¥9.4 million in the prior-year period.

The normalized profit margin dropped to negative 0.6% from 0.1% in the year-earlier period.

Total revenue decreased on an annual basis to ¥12.27 billion from ¥12.50 billion, and total operating expenses totaled ¥12.42 billion, compared with ¥12.52 billion in the prior-year period.

Reported net income totaled a loss of ¥85.0 million, or a loss of ¥12.01 per share, compared to income of ¥10.0 million, or ¥1.41 per share, in the year-earlier period.

For the year, the company's normalized net income totaled ¥15.02 per share, a fall of 39.1% from ¥24.68 per share in the prior year.

Normalized net income was ¥106.3 million, a decline of 37.0% from ¥168.8 million in the prior year.

Full-year total revenue fell from the prior-year period to ¥55.23 billion from ¥56.87 billion, and total operating expenses fell on an annual basis to ¥55.32 billion from ¥56.86 billion.

The company said reported net income decreased 52.9% on an annual basis to ¥145.0 million, or ¥20.49 per share, in the full year, from ¥308.0 million, or ¥45.04 per share.

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