AP Co. said its normalized net income for the fiscal fourth quarter ended March 31 was ¥4.27 per share, a decrease of 84.3% from ¥27.13 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥30.8 million, a decline of 84.7% from ¥201.5 million in the year-earlier period.

The normalized profit margin fell to 0.5% from 4.1% in the year-earlier period.

Total revenue increased 21.0% year over year to ¥5.91 billion from ¥4.88 billion, and total operating expenses rose 28.6% on an annual basis to ¥5.94 billion from ¥4.62 billion.

Reported net income decreased 67.6% from the prior-year period to ¥73.0 million, or ¥10.13 per share, from ¥225.0 million, or ¥30.29 per share.

For the year, the company's normalized net income totaled ¥72.81 per share, a decrease of 42.2% from ¥125.91 per share in the prior year.

Normalized net income was ¥533.3 million, a decline of 43.0% from ¥935.1 million in the prior year.

Full-year total revenue increased 13.5% year over year to ¥21.84 billion from ¥19.23 billion, and total operating expenses increased 18.2% on an annual basis to ¥21.24 billion from ¥17.97 billion.

The company said reported net income fell 42.3% on an annual basis to ¥523.0 million, or ¥71.41 per share, in the full year, from ¥906.0 million, or ¥121.99 per share.

As of June 29, US$1 was equivalent to ¥102.64.